2-in-1 Health Saving Plan- Health bhi Aur Saving bhi

Are you covered under health insurance plan? Great! But when was the last time you got hospitalized and used the benefits of the plan. It is a good thing if you didn’t have to use your health insurance. But, does the insurance company call you up at the end of the policy term and say, “Hey, as you didn’t use your insurance, so we are going to return some of your money back.”

“Of course they don’t.”

That’s where health savings plans differ from traditional health insurance products.

What is a Health Savings Plan?

Health savings plan (HSA) offers you health insurance cover as well as premium savings to pay for your future medical expenses. This savings plan acts as an alternative to a traditional Insurance health plan. HSA helps you pay for covered expenses now and save for medical expenses you may have in the future, especially in your retirement years.

Features of Health Savings Plan

Health coverage within your means: Use your health savings account to cover 100% of the cost of routine medical expenses like lab tests, office visits, and over-the-counter drugs (with a prescription only).
Tax Savings: You can save tax-deductible money under health savings plan.
Portability: It is your own account, so even if you change jobs, your heath savings account funds go with you.
Earned Interest: The interest you will get on the saved amount is also tax-free.

The table below points a few differences between health insurance plan and health saving plan:

	Health Insurance Plan	Health Savings Plan
Benefits	Whole sum goes for the insurance cover.	30-40% of the sum goes in savings account and the rest for the insurance cover.
Coverage	Full coverage	Partial coverage
Insurance Premiums	Comparatively high	Comparatively low

If you are looking for a safety net in health insurance plan and don’t want to end up losing all your money, health saving plan is best suited to your profile. There is no "use it or lose it" condition, so you can build up the savings for future health events.