Health Savings Account w/ a high deductible
By Stealthy at 17 December, 2008, 9:31 pm
Today I signed up for a health savings account with my employer and opted for the $2,600 deductible. My premium is only $20 per month now. I used to be on a $750 deductible and my premium was $60 per month. The $40 difference in premium I’m transferring to my Health Savings Account (HSA) to build up for my yearly deductible if I ever need it on top of an extra $10 /month making a total of $50 /month into HSA. That’s a difference of $480 a year I’m saving. I’m in pretty good health and don’t need a low premium right now. Also my company puts in $300 every quarter into my HSA since I’m on the high deductible and they don’t have to pay as much for that benefit so they are passing the savings to me.
If I don’t get sick this year I should have a little over $1,800 in my HSA at the end of next December. What’s cool about it is that I get paid interest since it’s a savings account and any contributions are tax deductible. I’m figuring that in the long run a HSA will benefit me since the company I work for contributes $1,200 a year.
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