go ask all the prop guys on the p@l's board. many of those guys keep 5-10k in there account and get 1 mil buying power. many are making 100k a year. you know i was wrong what i said earlier. 5 or 10k won't bk most of these guys but it's a big pill to swallow for many.i sold ins back in the 80's and i saw first hand what crap coverage does to people. and don't forget many of these people with high deductibles get caught with chronic health conditions like diabetes,heart trouble and cancer and can't move so that 5k ded and 70/30 co ins is with them year in year out
well, I found a $5,100 deductible catastrophic, with zero out of pocket expenses after that for $113. Not sure if it covers everything as I didn't look into it further yet. Lifetime bennies on the thing were 2 million. That was for a singke 44 yr old guy, non tobacco user. I am still curious about the HSA though. Do you pay the insurance company, AND separate money into the HSA acct?
I have an HSA through Anthem. I pay $170/mo for the insurance and then a separate payment to the savings account. The amount you are allowed to contribute to the SA is limited, around $2,800/yr for a single person. I am responsible for the first $5,000/yr in health expenses (my deductible), BUT I can use that savings account to meet the deductible and keep in mind that both the HSA premium and the amount you contribute to the SA are tax deferred, just like a 401K. To me this is a no-brainer. Insurance co's are some of the most profitable co's in the world and here you have an option to be your own little ins co by covering the little things. On top of that, the amount in the SA keeps building year over year, you do not have to spend it. When you turn 65 all the money in the SA is yours. You pay tax on it when it's withdrawn, again just like a 401K. PS Forgot to mention you can pay for just about any health related service from the SA. So another advantage is that you don't have to reach the 7% threshold for qualified deductible medical expenses on your tax return.
what is the % you are responsible for after the first $5000 is met? Do you still have a copay and coinsurance fee? Do you have prescription drug coverage? Is the $5000 per calendar year or per illness/incident?
Another nice thing about the HSA's is that you can actually cover your cosmetic surgery with it. Now, I know you are thinking, what's so big about that. Well, the fact that you can pay for it with tax deferred dollars is what's nice about it. You can also pay for your dental, chiropractic visits, physical therapy, and yes, prescription drug plans. HSA's are really a no brainer. You can actually invest the money in your account and grow it on a tax deferred basis. Oh and here's is another kicker, with most HSA's they give you a discount card that gets you about 25% to 35% off the cost off the top. Now come on guys, why would you throw away 2k a month to an HMO?
www.hsainsider.com has some great info. Go here and sign up to download the HSA 'road rules' in .pdf format: http://www.hsainsider.com/roadrules.aspx
When I had mine, it paid 100% after I met the deductible. You do not have copays, you pay the full bill when you visit the doctor (you quickly learn how expensive visits are so you avoid them unless you are REALLY sick). I believe it counts towards your deductible but check into that, my memory is a little fuzzy on that part. You can use your HSA to pay for drugs, anything short of vitamins I was told. The $5000 is per calendar year. Check out the link that is posted above to get more info. I had mine through Golden Rule but they got bought by United Healthcare, I don't know if they are available in your state but it is worth a look.
i agree with young guys on this board a hsa or high deductible is fine. wait till you get in your late 30's early 40's with a wife and 2 or 3 kids. throw in any chronic problem and you're looking at 10k a year out of pocket per year easy with a 5k hsa or high decutible plan. oh yeah and throw in your company leaving the state and you have a health problem and can't get ins anywere then you're really screwed. if married send the wife to work for benefits and concentrate on your trading worry free.