When I was a teenager, my parents enrolled me in a high-deductible medical plan. My health insurance is now the same.
Many people don’t like to think of their medical bills, but they are something that is often overlooked. If you were to ask most parents what they think their health insurance premiums are, you’d probably get about 15 responses. Some people just couldn’t fathom the price. As a young adult myself, I was very fortunate to have my parents enroll me in a plan that I paid my premiums on and paid it off.
There are two things that make health insurance premiums so cheap: deductibles and copayments. Deductibles, when they’re small, are really easy to pay. If you have a 20-dollar deductible, you can pay that and still save the rest of the money. For most people, the amount of money they can save with a small deductible is just small enough for them to be able to pay each month.
But the second part is copayments. These are things like doctor’s visits and hospital stays, and they can be expensive. With copayments, if you have a $100 deductible for an appt, the deductible is only $20. That means you save $80 dollars. But if you have a $10 copay, you save only $10. This means that you can save $30, but only spend $30 on medicine.
One thing that we haven’t talked about as much is copayments. Many people don’t know that the 20 copay for your doctor visit is only for the first visit. Once your deductible is 100, you can only save 20. That’s the reason you need an HSA. The HSA allows you to buy a savings plan that gives you a fixed amount of money a year for a certain amount of medical expenses.
With insurance, you will probably need to spend the rest of your money on medical, or at least buy medical insurance for yourself. If you were trying to save 30 on doctor visits, you would probably spend a small amount on your other health insurance, like Kaiser plan, which includes health coverage for the person who is sick and needs to see you.
Many people are underinsured, and that means they don’t have insurance and end up having to pay for medical care that they don’t need. For instance, some people I know have been underinsured for years after they had no insurance, and ended up paying out of pocket for their care. Many people like myself, however, have been able to find a good, cheap plan, and I have no reason to doubt that this is because of the HSA.
If you dont have insurance, there is a good chance you will have to pay out of pocket for medical care you dont need. That is why it makes sense to get an HSA. And it makes sense to get an HSA if you have a health condition that you need medical care for.
If you dont already have a health insurance plan, you may have to find one that is more expensive and better than what you can get. If you have a condition that requires medical care, and you dont have insurance, it doesn’t really matter which plan you use. Most plans will pay for it.
I think the “right” way to go about getting a HSA is to get a HSA for a specific condition. If you don’t have access to an HSA, you may have to take a few years or even a little bit of vacation to get one. In fact, if you don’t have access to an HSA, you can get a HSA for the rest of your life. This is how you do it.