If you’re like me and don’t really “use” your health insurance, consider an HSA plan to save money on monthly premiums. I have had the insurance for a year and a half, and the only part I’ve used is the dental coverage. I figured since I don’t really use it, do I really need a lower deductible? I changed my deductible from $1,000 to $1,750, and switched to an HSA plan. My premium went down by about 25%.
HSA = Health Savings Account. In a nutshell – you sock money away into an HSA (bank account), and use this money to pay down your deductible, pay doctor copays, prescriptions, contact lenses, daycare, and a whole slew of other medical-related costs. The best part? Contributions to an HSA are tax-deductible (limitations apply – talk to your accountant).
HSA plans through Blue Cross Blue Shield now cover one doctor visit copay ($20) per person, per year. Before this changed, a doc visit was completely out-of-pocket, which could be more than $100 each time.
This newer feature now gives HSA policyholders more peace of mind, and the ability to still go to the doctor once annually for a checkup, and it only costs $20 bucks.
You know who to call with questions. Even some employer-sponsored health plans have HSA options. When your annual enrollment comes up, let me know if I can help you decide on the right plan for you.