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Posts Tagged With 'Savings Accounts'

Best savings accounts for every age range

Growing up and growing your savings

Depositing money into a savings account is only the first step toward personal finance empowerment. The fees and features of that account are equally important to your saving strategy. As the year begins, you should think about where your savings are and how they might best work for you, no matter what your age.

“Regardless of what age bracket you fall into, make sure your savings account fits your individual needs and that you’re getting the best return on your money,” says Greg McBride, CFA, Bankrate’s senior financial analyst.

Those individual needs can vary as you get older.

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Real World Health Savings Accounts Savings Potential – Case Study

Excellus Blue Cross Blue Shield offered high-deductible health plans (HDHP) combined with Health Savings Accounts (HSA) to employees of the Center for Governmental Research (CGR). Five CGR employees signed up for the HDHP-Health Savings Account combination. Here???s an overview of how two of these employees and their families fared throughout the year with their HDHP and Health Savings Account:

Family A using Health Savings Account Plan

Family A uses health care services heavily. During the initial enrollment period from February to October, Family A accumulated 16 office visits (4 of which were visits to specialists), 30 medication prescriptions, 6 laboratory tips, 4 diagnostic imaging uses, and 2 outpatient surgeries. The family???s total healthcare costs amounted to $21,955. However, the family???s share was only $4,758, thanks to the out-of-pocket maximum expense limit associated with their HSA plan.

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