Time to reconsider Health Savings Accounts. In the October 29, 2007 issue of Newsweek, there was an article outlining the advantages of an HSA.
The Newsweek article suggests finding a good HSA provider that offers an investment account and not just a bank savings account, which is fine if you believe that you can out-guess the market.
- High Deductible Health Plan (HDHP)
- minimum deductible must be at least $1,050 (self-only coverage) – 2006
- annual out-of-pocket (including deductibles and co-pays) for 2005 cannot exceed $5,250 (self-only coverage) – 2006
Save all the receipts to submit later to get the money back. Sounds like an administrative chore. Is it worth the effort for us, given that we are in good health and rarely incur any medical costs, even for over the counter medication. We usually don’t replace eyeglasses or contacts very often, but perhaps we should.
As someone pointed out recently, “no body expects car insurance to cover routine maintenance. Why would you expect your health insurance to cover routine healthcare costs?”
Who can benefit and how?
HSA in California for individuals
Blue Cross of California – *Individual PPO 3500 (HSA Compatible) Plan
Blue Shield of California
John Alden Insurance
Kaiser Foundation Health Plan
Nationwide Health Plans
Newsweek article October 29, 2007
U.S. Treasury – Health Savings Accounts (HSAs)
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U.S. Treasury – HSA Frequently Asked Questions
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Health savings account – Wikipedia, the free encyclopedia
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hsainsider.com – Newsweek suggests
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