Ways to pay

If you're tempted to put off buying insurance, don't. Insurance helps you pay for everyday expenses and provides a backup in case of serious illness.

Save on Taxes, Save on Health Care Expenses

Maybe you want to save money in a tax-free account for future health care expenses, and you have a high-deductible insurance policy that qualifies you to set up a Health Savings Account. Or you work for a company that offers a Flexible Spending Account or Health Reimbursement Arrangement Or you've already spent or think you will spend a lot of money on health care expenses and are hoping for a tax break.

If any of these scenarios fits, this section can help you reduce your health care costs.

Find out if you're eligible for a health account that gives you tax breaks for health care costs your plan does not cover.

• Do you have a high-deductible health plan? You may qualify to open a Health Savings Account (HSA)
• Does your employer offer a Flexible Spending Account (FSA) or Health Reimbursement Arrangement (HRA)? Learn about the benefits you could receive.
• If your employer offers an FSA or HRA, which one is best for you? Start with the comparison chart.

Your tax return is another way you could receive tax breaks on healthcare. If you find yourself facing high medical bills during the course of the year, you may be able to deduct them on your 1040 form.

Understanding health insurance