I love how you struggle through something and then you find a solution.  Back when I had my hysterectomy, Buster’s job didn’t offer health insurance and I didn’t qualify for Medicaid.  So, we paid a large sum of money (over $10,000) for my surgery, and it would have been more if the Dr. and Hospital hadn’t deducted some form the amount do to some complications during the surgery.

Anyway, now I hear about this HSA (health savings account).  The idea is, you purchase a high-deductible insurance plan (HDHP) that gives you a low-cost premium.  Then you put some or even all the money you save on premiums  into a tax-free health savings account in your own name.  The money you put in is yours, not an insurance company’s. This is also good for you come tax time because,   an HSA’s above-the-line deductibility REDUCES your adjusted gross income, effectively reducing your tax burden each year.

When a health problem comes along, you simply use your HSA to pay any qualified expenses that your high-deductible insurance doesn’t cover.  The money is withdrawn tax-free and making payment couldn’t be easier, you just hand the provider your HSA debit card.

Most covered expenses include dental bills, over-the-counter medicines, prescription drugs, eye care, hearing aids, and many other health-related items and services that the HDHP doesn’t pay.  And, if you don’t use all the money you put in, you can either use it later on in life for long-term care or medicare deductibles or you can withdraw it from the account (there is a penalty if you are under 65, though).

Carry On =)

Tags: family, health, insurance, struggles

Categories: blogging

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