subject: Kerry Kisslinger speaks on Insurance and HSA accounts [print this page] Kerry Kisslinger speaks on Insurance and HSA accounts
What if?
Every Doctor and every Hospitalaccepted your insurance. Every medication that was prescribed was covered by your plan. Every procedure that was recommended was covered. There was no deductible you had to meet, no co-pay you had to pay. Wouldn't it be great...
In a sense you can have that now with a Health Savings Account or HSA. Well, maybe not exactly...but if you have a $1,000 HSA, for example,and you incur annual medical expenses like approximately 80% to 90% of the population then chances are you will never have a co-pay or have to meet a deductible.
80% to 90% of the population incur annual medical expenses below $1,000. Therefore, if you fit this category the above mentioned eventshave a strong possibility of occuring. There are variables involved of course. It helps if you can stay 'in-network', utilize generics if you need a prescription and most importantly take good care of your self.
HSA's don't care if you are in or out of network (there are substantial discounts for being in-network). The HSA doesn't care what prescription you use (as long as their isenough money in yourHSA).
If you are luckyand your health is good most HSA plans even cover your wellness exams 100% so you don't have to access yourHSA funds. If that's the case you may not even have to touch your HSA for the year and it will roll-over to next year and on top of that even earn you interest. After 3 to 5 years your HSA account will have grown handsomely and if you do need to meet a deductible you should be in good shape to do so.
Wouldn't it be great...it is if you stay healthy! So watch the use of sugars, flour and milk and start an HSA.
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