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GoldenRule's health savings accounts are getting more popular

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GoldenRules health savings accounts are getting more popular

GoldenRule's health savings accounts are getting more popular

Health Savings Accounts or HSA are enjoying more popularity in comparison to the conventional health insurance packages, as reported by GoldenRule Health Insurance that introduced revolutionary HSA in the individual market of the United States. Statistics have shown that as of June, 2005; merely one and half year after health savings accounts got approved by law; individual clients were showing keen attention for having an HSA in preference to typical medical insurance policies and the trend is still continuing.

GoldenRule is a benchmark name in health insurance industry of the country. It is a wholly owned subsidiary of UnitedHealth Company. In a report, the merchant affirmed that the health savings accounts accompanied with tax advantages, are performing just according to the way the promoters of the plans wished for. Statistics presented by GoldenRule showed that by June, 2005, the company's individual clients saved almost 135 million USD in total, in their HSA. And this figure is a solid proof of the fact that health savings accounts are getting highly popular among individuals.

In a statement, the vise president of the company mentioned that most of the dedicated American people are looking for insurance plans that cover themselves along with their entire family. In search of such plans, they become interested to have health savings accounts. These plans provide coverage for the customer as well as his or her family. This increasing status let the plans step into mainstream insurance market of America. He added that with introduction of new and innovative HSA plans like the economical HSA Saver by GoldenRule that was launched in February, 2005; HSA policies are becoming more eye-catching. Moreover, addition of different useful features to such plans helped them become available to a wide array of American individuals. He demonstrated citing an example that a small family consisted of four members living in any of the states, has to pay a monthly premium of $200 or even less for HSA Saver plan with a family deductible of $5,250 per annum.

As usual, these health savings accounts combine a savings account with tax advantages and an inexpensive insurance policy with high deductible. These plans are accompanied with lower rates of premiums that help the people to save some bucks and deposit the saved amount in their savings bank accounts. They can extract some or total of the amount as and when needed. The extracted amount is completely free of tax while utilized for disbursing eligible health-related expenditures that include both of dental and vision care as well as shelling out insurance deductible.

There are some more criteria that are making health savings accounts more attractive and those are:

  • The unused dollars in an HSA remain deposited for years and be paid with handsome interest per annum. GoldenRule pays better interest on HSA in comparison to most of the savings bank accounts. As of 2005, the merchant paid an annual interest of 4% on the health savings accounts.
  • Contributions made to an HSA are absolutely tax deductible if remain within specific legal perimeter; while the saved amount grows tax deferred. Amount extracted for paying eligible medical expenditures are entirely tax-free.
  • Health savings accounts are handy and remain with the respective policyholders even if they change, shift or quit the job.
  • Customers having an HSA can take their own decision, wisely about when and how much to expend.

GoldenRule was the first to introduce Medical Savings Account in the American individual market. It was basically the precursor to the current health savings accounts. It was launched about 15 years back. The merchant started offering health savings accounts immediately after it got approval from legal department on 1st January, 2004. The merchant has been offering family as well as individual health insurance policies since last 60 years. In 2003, it was absorbed by UnitedHealthcare Company. UnitedHealthcare Company is also a reputed name in offering HSA services to the companies interested in cutting the cost for health insurance.

For more information on products and services offered by GoldenRule, one can log on to www.goldenrule.com or contact customer care staffs at 1-800-974-4472.

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