WEST PALM BEACH, Fla. -- The confidence in Health SavingsAccounts being the next big thing since individual retirementaccounts continued to build in 2006.
HSAs are tax-free savings accounts that can be used to pay formedical expenses including prescription and over-the-counter drugsincurred by individuals, spouses or dependents. These portableaccounts are accompanied by high-deductible comprehensive insurancepolicies that cover preventive care and larger medical bills.Unused HSA money rolls over from year to year.
Industry experts predict by 2008 there will be over six millionHSA accounts with over $5 billion in assets. Those estimates may beconservative as by January 2006 participation in HSAs-qualifiedHDHPs tripled to nearly 3.2 million individuals.
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