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INTRODUCTON - The term "health insurance" is commonly used in the United States to
describe any program that helps pay for medical expenses Health Insurance, whether through
privately purchased insurance, social insurance or a non-insurance social welfare program
funded by the government. Synonyms for this usage include "health coverage," "health care
coverage" and "health benefits" and "medical insurance." In a more technical sense, the term is
used to describe any form of insurance that provides protection against injury or illness.
In America, the health insurance industry has changed rapidly during the last few decades. In
the 1970's most people who had health insurance had indemnity insurance. Indemnity
insurance is often called fee-forservice. It is the traditional health insurance in which the
medical provider (usually a doctor or hospital) is paid a fee for each service provided to the
patient covered under the policy. An important category associated with the indemnity plans is
that of consumer driven health care (CDHC). Consumer-directed health plans allow individuals
and families to have greater control over their health care, including when and how they access
care, what types of care they receive and how much they spend on health care services.
These plans are however associated with higher deductibles that the insured have to pay from
their pocket before they can claim insurance money. Consumer driven health care plans include
Health Reimbursement Plans (HRAs), Flexible Spending Accounts (FSAs), high deductible health
plans (HDHps), Archer Medical Savings Accounts (MSAs) and Health Savings Accounts (HSAs). Of
these, the Health Savings Accounts are the most recent and they have witnessed rapid growth
during the last decade.
WHAT IS A HEALTH SAVINGS ACCOUNT?

2. A Health Savings Account (HSA) is a tax-advantaged medical savings account available to
taxpayers in the United States. The funds contributed to the account are not subject to federal
income tax at the time of deposit. These may be used to pay for qualified medical expenses at
any time without federal tax liability.
Another feature is that the funds contributed to Health Savings Account roll over and accumulate year
over year if not spent. These can be withdrawn by the employees at the time of retirement without any
tax liabilities Disability Insurance Policy. Withdrawals for qualified expenses and interest earned are
also not subject to federal income taxes. According to the U.S. Treasury Office, 'A Health Savings
Account is an alternative to traditional health insurance; it is a savings product that offers a different
way for consumers to pay for their health care.
HSA's enable you to pay for current health expenses and save for future qualified medical and
retiree health expenses on a tax-free basis.' Thus the Health Savings Account is an effort to
increase the efficiency of the American health care system and to encourage people to be more
responsible and prudent towards their health care needs. It falls in the category of consumer
driven health care plans.