When I look at my paycheck and see how much money is taken out for health care, I feel like I’m going to lose my lunch. After years of not going to the doctor’s office, I wonder why I am paying so much mullah for something I don’t use. I believe the insurance people are using all my hard earned, unused money, to throw their daughters a sweet 16 party worthy of being on MTV. When I think of all the things I could use that money for, well, I feel like I might actually need to see a doctor.
There is a way one can keep the money they don’t spend on health insurance; Health Savings Accounts! HSA’s must be opened in connection with a high deductible health insurance plan, (So ask your boss if you have this, it benefits him too). HSA’s are tax deductible; the money inside them grows tax deferred and comes out tax free for qualified medical expenses.
Health Savings Accounts are ideal for healthy people who want to save money on health insurance by increasing their deductibles. If you don’t spend any of the money in an HSA in a given year the balance carries over to the next year and keeps growing.
Health Savings Accounts are the only investment vehicle where you get a tax break for putting money in, and then the moola (interest included) comes out income tax free.
I don’t know about you, but I’m starting to feel better already. That HSA guy should be a doctor.