When you will get older, you are most likely to retire from your job or even if you will be working then the intensity of the job wouldn’t be that hard as you might have been doing right now. So it is obvious that in that old age your earnings will get lower, so you will definitely need some funds saved in case of any kind of emergency.
A health savings account is designed by keeping this concept in mind so that anyone can save funds for his future medical and other health related expenses on a tax-free basis.
The main idea behind the HSA (Health Savings Account) is that you don’t buy a standard medical insurance plan, rather you buy a High Deductable Insurance Plan in which you have to pay low premiums, and the amount that you save by paying lower premiums is deposited into a Health Savings Account that is opened in your name. In case of any health problem, for which you are not covered by High Deductable Insurance Plan, you can take money from your HSA.
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