Importance of Healthcare in the United States

Importance of Healthcare in the United States

Tiffani O'Bryant

Axia College of University of Phoenix

Importance of Healthcare in the United States

More and more everyday, Americans are struggling with affording health insurance. Some believe that it is a waste of money. I was speaking with a woman today about the outrageous costs of medical bills that people have today. She is a stay-at-home mother, and her husband is a self-employed computer technologist. The insurance company that the couple has is an exceptional company, but with an exceptional price to pay. They not only have to pay a $500 premium each month, plus a co-pay of $40, but the couple usually will still get a bill in the mail for what the insurance company did not pay for. That is ridiculous to have to pay that much money. The woman insists that it would be better to put the money aside each month for "just in case" emergencies. In all the confusion health care is very important to have. Health care can help lower the cost of insurance, medical expenses, and possibly help Americans live longer.

As I was talking to the woman, I was telling her about an awesome type of savings account that is for medical purposes, called HSA (Health Savings Account.) HSA will help provide long-term saving for families. HSA is not a cheap process to start but it does save tons of money over time. This HSA is also tax deductible and grows tax free. Anderson has come up with an eye catching analysis. "Say your 55 and put the maximum $6,450 ($5,650 plus $800 in catch-up contributions) into a HSA for ten years, until you are eligible for medicare. If you did not use any of the money to pay medical bills during the decade, you account would hold more than $75,000, assuming a modest 3% annual return on your investments. Most HSA providers require the account at least be $1,000 before accessing investment options." Any withdraws from the HSA is tax free as long as the withdraw is for medical expenses. After an individual turns 65, there is no longer money