Health Savings Account

J9 recently commented and ask that I explain my healthcare.  Thank you for this suggestion.  This topic is timely as the country debates health reform. 

So I’m writing this on a rainy Thursday morning, trying to decide whether to eat eggs or hamburgers for breakfast.  Yes, my diet is still meat heavy.  I’m conducting a lifelong test on the question, “Does saturated fat clog arteries?”

I have a Health Savings Account combined with High Deductible Health Insurance through Golden Rule Insurance.  My insurance premiums and the money I contribute to the savings account are tax-deductible. 

Congress created this program in 2003.  I jumped on it quickly because I already had high-deductible health insurance.  It’s a burden to pay the premiums and to contribute to the savings account, but it’s nice to have money I can use for medical expenses.  And any money I don’t use for medical expenses can be used tax-free for any purpose once I reach retirement age. 

So what does this look like in practice?  I have a $3000 deductible policy.  For this insurance I pay $2223 annually.  I contribute $2850 annually to my savings account.  So my total health cost for the year is $5073.

I am in favor of healthcare reform.  However, I reluctantly admit, I am not writing letters or attending listening  sessions.  I do little more than vote.  I am waiting to see what congress comes up with and will choose the best option for me.

One Response to Health Savings Account

  1. J9 says:

    Thank you for this great post! I, too am for healthcare reform depending on how the reform is formed and my main concern is with the lack of consumer choices. Your HSA and HDHI seems like a great price to me for what you get; we paid $1200 per month in 2006 until a job was found with health coverage. The choices that I see you have look better than most ‘plans’ (union, none, corporation, COBRA, government) I’ve ever seen and experienced. The consumer has much more control of the money and it’s fun to be responsible for oneself although many people like Care.

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