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
Duration : 0:8:53
[youtube 6vv8WVvRQVA]
Health Savings Accounts (HSA’s) and High Deductible Health Plans – The Basics
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In a BEST case …
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.
Actually, HSAs are …
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.
Jared,
Very nice …
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