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New Study: Estimated $ 240,000 in Health Care Costs for Retirement – HSA for America Discusses Options to Preparing for Health Care Cost in Retirement











Fort Collins, CO (PRWEB) May 15, 2009

As the cost of health care rises across the country, many individuals are wondering just how their anticipated health care expenses will impact their ability to retire. According to a recent study, individuals retiring at the age of 65 will need to have at least $ 240,000 saved in order to pay for their health care expenses during retirement alone, leaving many individuals to wonder whether or not retirement is truly an option. “Health savings accounts are become a necessity for retirement,’ said WIley Long, President of HSA for America.

“The results of these recent studies indicate that individuals will need to make some real choices about their retirement and spending,” said Wiley Long, President of HSA for America. “Currently, the typical retirement age is 65 years old. However, if an individual can’t afford to pay for health care, then the individual may have to either put off retirement or be unable to pay for their health care. Either way, we’re finding that our customers are growing increasingly concerned about their ability to obtain and pay for health care expenses, especially as they approach retirement.”

To save for these inevitable expenses during retirement, many people are setting up Health Savings Accounts. “An HSA allows you to put aside pre-tax dollars to cover future medical expenses,” explained Long. “The money grows tax-deferred like an IRA, but is never taxed if used to pay medical bills.”

Health savings accounts, or HSAs, can be established by anyone who has a qualifying high-deductible health plan. These plans are designed to help make healthcare affordable through a combination of the low premiums that come with a high-deductible health insurance plan, and the tax savings from putting money aside in the HSA. That money can then be used to pay future medical expenses, tax-free.

“We specialize in helping our clients find the perfect long-term arrangement for their health care needs,” said Long. “HSA plans are often the most affordable and effective health care plan solutions for many of our customers, but a full needs analysis of each individual’s situation is always necessary to ensure that our customers get the best possible plan.”

Many people are funding their HSAs with the hope that they will stay healthy, and not need to withdraw the money. “Because the money grows tax-deferred, you can think of it as an additional retirement account”, said Long. If money is later needed to pay a medical expense during retirement, that money can be withdrawn from the HSA tax-free.

More About HSA for America

HSA for America offers a wide spectrum of health insurance and Health Savings Account (HSA) programs for individuals, families, and businesses. Their online quoting platform lets website visitors compare rates on numerous plans, and apply for coverage right online.

For more information about HSA for America programs, visit http://www.health–savings–accounts.com.

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