Health Savings Account – take a look for yourself

Health Savings Account – take a look for yourself

May 23, 2006 Posted by Tarren Bragdon - No Comments

Yesterday, MHPC released a paper on Health Savings Accounts explaining what they are and why you may want to consider one for yourself or as a benefit provided by your employer. Read it and learn what HSAs can do for you.
Consider our story:
My wife Anna and I have had an HSA for two years. Our premiums for our HSA-eligible insurance plan have averaged $300 a month less than a traditional, low-deductible insurance plan (about $400 a month compared to over $700 a month). To date, we have saved over $8,700 in lower premiums in 29 months, deposited $9,500 into our HSA and used just $2,700 from the HSA to pay out-of-pocket health care expenses incurred during this time. Today, we have $6,800 in our HSA earning 2.5% interest each year. We now have more in our HSA than our entire deductible for our health insurance plan.
If we had traditional insurance, we would have spent all that money in premiums. Instead, we accumulated thousands in savings for ourselves – not for an insurance company.
Take a look at HSAs. Ignoring this option could cost you and your family thousands in missed savings.