Controlling the ever rising cost of health insurance has become a national priority. If you have health insurance, whether an individual plan or group, you have undoubtedly experienced premium increases every time your policy renews.

One of the best ways of taking control of your health costs and medical expenses is to set up a Health Savings Account, usually referred to simply as an HSA.

It is important to remember that many, if not most, people with health insurance don't spend enough money on medical expenses in any given year to even meet the deductible on their policy. This means, of course, that they are paying for coverage that they don't need or even use! So what to do? Take out a health insurance plan with a high deductible and set up an HSA.

Following are my top ten reasons for having an HSA:

1. Your HSA is an interest bearing savings account. Many banks and financial institutions have recognized the growth of HSAs and are jumping on the band wagon to get you to use them for your account. Some insurance companies set up your account them when you enroll in one of their health plans. One such company is Medical Savings Insurance Company which is headquartered in Indianapolis, IN.
   
   

2. The interest you earn on your HSA is tax deferred until you are 65.
   
   

3. High deductible health insurance translates into lower premiums since you are now assuming more of the risk your plan pays for.
   
   

4. Family plans have only one deductible for the entire family and not on a per person basis. The minimum amount of the deductible is set by the federal government on an annual basis.
   
   

5. Money you deposit into the account can be used for nearly any medical purpose. Some of these expenses are: doctor office visits, lab work and x-rays, prescriptions, dentist bills, vision and eye care, alternative medicine such as chiropractors, hearing aids, etc.
   
   

6. Money you put into your HSA is tax deductible. Not only can you deduct your HSA deposits from your federal income tax return but many states now also allow the deduction.
   
   

7. The money you save in your Health Savings Account isn't lost at the end of the year as it is in some employer sponsored programs. The account will roll over from year to year earning you compounded interest on any funds you haven't used from the account.
   
   

8. Setting up a Health Savings Account is tantamount to setting up a medical IRA. This allows you to pre-fund medical expenses for your retirement years.
   
   

9. The money in your HSA is yours. If your employer has made deposits on your behalf, it's still yours. If you change employers or even insurance companies, it's still yours and goes with you. If you become dissatisfied with the financial institution holding your HSA, you can roll the money over to another.
   
   

10. Lastly, by using your Health Savings Account coupled with your high deductible health plans and shopping for your health care, you are taking control of how your health care dollars are spent.
    

Doctors are not the only health care providers that may offer you a discount for paying cash for your office visit. Many hospitals, clinics and alternative medical providers will also give you substantial discounts for cash payment when services are rendered. The most important point is that you won't get a discount if you don't ask. Studies have shown that more and more medical service providers are becoming more transparent in their costs and billing practices and will accommodate your request.