Good Fortune and Self-discipline Help Fund Health Savings Accounts

Kansas City Star Article - Good Fortune and Self-discipline Help Fund Health Savings AccountsThe Kansas City Star describes 3 people that are having good experiences with their Health Savings Accounts (HSAs):

Read the Article – “Good Fortune and Self-discipline Help Fund Health Savings Accounts”

There are 2 things that still need to be addressed.  Let’s call them “pet peeves” that make some people nervous about moving to an HSA…

1. PPO or High Deductible Health Plan

I do not know of any HSA qualified plan available that is not a PPO plan.  Every major insurance carrier now offers an HSA qualified plan and therefore their existing PPO networks apply.  Many consumers are under the impression that if they switch to an HSA qualified plan, they would no longer get the PPO discounting.  This can amount to huge savings.

2. HSAs work only if you are healthy

Since most HSA qualified plans switch to 100% after the deductible is satisfied, the deductible is the full “out-of-pocket maximum”.  Traditional co-pay plans will often have co-insurance (80% or 50%) after meeting the deductible and co-pays on top of that.  The worst-case scenario can actually cost less for HSA plans than co-pay plans when comparing “out-of-pocket maximums”.

Lastly, despite the resemblence in the above photos, our HSA card holder is a lot easier on the eyes…No offense John.

Scott

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