Health Savings Accounts (HSA’s) and High Deductible Health Plans – The Basics

savings accounts

An introduction to the idea of using Health Savings Accounts and High Deductible Health Plans to save money on your health insurance premiums and retain major medical coverage. -by Jared Balis

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#1 written by highdeductiblehealth 1 year ago

Jared,
Very nice video on the benefits of combining an HSA with a HDHP. I liked the way that you broke down the different pieces in an easy to understand way. I posted a vid response with our stop loss insurance product we are combining w/ the HSA and HDHP to partially self fund a product and maximize cost savings while reducing the liability. I also visited your website, it looks similar to MA Commonwealth Connector and is a very nice service! Keep up the education!

Warm regards,
Matt McKelvey

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#2 written by HonestyInMedicine 1 year ago

Actually, HSAs are even BETTER than the way you described it. You left out that a family with a $5000 deductible— if they are in a 30% tax bracket— their actual out of pocket cost is just 70% of that since they are paying with tax advantaged dollars. So rather than being responsible for $5000 as you mentioned, their net cost would be just $3500! Add that to the savings you mentioned of $450/ mo or $5400 per year, the family would still be ahead by $2000 in a worst case scenario.

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#3 written by HonestyInMedicine 1 year ago

In a BEST case scenario the family in your example would keep all the savings of $5400 year in and year out. Invested in an HSA it would grow and compound tax free. I Also you need to stress the fact of how much more expensive the co-pay plan would be in a worst case scenario. Not only is is more expensive before a family starts to use it by $5400, but if someone got sick on the co-pay plan the costs INCREASE –exactly at the time when you need protection the most.

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Health Savings Accounts (HSA’s) and High Deductible Health Plans – The Basics

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September 2010