General Discussion
In reply to the discussion: The Scam that is Health Savings Accounts [View all]taught_me_patience
(5,477 posts)because HSAs are combined with a high deductable insurance plan.
I'll give you a detailed breakdown of my insurance and why it is beneficial:
traditional PPO plan for family ($300)
HSA for family
Cost $150/mo
Employer contributes additional $750/yr to the HSA
I contribute an additional $150/mo to the HSA (pre tax and equal to the cost of the traditional PPO)
Deductible $3000
Once deductable is hit, then I'm responsible for 20% of the bills until I reach the yearly max
Yearly out of pocket max 6000
My yearly contribution to the HSA + employer contribution is $2,500. I can use this to only pay for deductables and medicine. Yearly exam and child preventative visits are free (thanks ACA!)
We had one sick visit that costed $65 and a visit to and ENT that was $85 and some medicines that totaled about $75. Negotiated rates for visits are well below what you think they might be. Total HSA expenses were about $200 paid from the HSA.
The end result is that for the exact same price as the traditional plan, I now have 2,300 in an HSA that is rolled over to the next year and if not used, can be eventually invested and taken out in retirement. After three years of employment, I've saved up over the 6,000 out of pocket max. Even if I get cancer and have a 500k bill, I'll still be ahead of where I would have been with a traditional plan.