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March 19, 2007
Are Health Savings Accounts an Option for People with Diabetes or Other Cronic Conditions?
Health Savings Accounts are becoming quite popular for people who are generally healthy. Some would even say Health Savings Accounts are only for the "young and healthy."
But what about people who are already sick? What about people who have chronic conditions like diabetes, multiple sclerosis or other cronic conditions? What about if you are older? Does a Health Savings Account make sense for them?
The answer is yes!
One of our clients is a diabetic. She is very careful about what she eats and she takes her insulin regularly. She has a tremendous amount of energy and a great outlook on life. She's in her late fifties.
She asked us about getting a high-deductible health insurance policy in conjunction with a Health Savings Account. So we began to work the numbers for her.
With a high-deductible plan, she would definitely be paying out-of-pocket for insulin and other supplies every month, to the tune of over $80. But, on the other hand, she would save $250 a month on the reduced premium payments.
Once we did the calculation, she realized that it made perfect sense for her to switch to a high-deductible policy and use an HSA. Even after paying for her diabetic supplies, she was saving $170 every month, which amounted to $2,040 a year.
What could you do with $2,040 a year, given to you just for changing your insurance policy?
I can think of lots of uses. She has also thought of lots of uses for that money, believe me! (I think she's saving it for a nest egg, which her Health Savings Account will help out with.)
If you have a chronic condition that requires pharmaceutical drugs or medical supplies or on-going doctor visits, please do this calculation for yourself or let us do it for you. Compare the amount that you'd be paying out-of-pocket to the amount of money you'll save with a lowered premium payment each month. You might be pleasantly surprised!
And, of course, if you have a relapse or a catastrophic health event, your insurance policy will kick in once you hit the deductible, and you'll enjoy full coverage after that.
Health Savings Acccounts (HSAs) are a wonderful tool to help you reduce your health insurance costs. They are a perfect fit for the self-employed and the small business. And they are available today! Visit us today to see if an HSA is right for you: http://www.Health--Savings--Accounts.com
Who knows? You might have an extra $250 or more coming into your bank account next month!
Posted by Wiley Long at March 19, 2007 10:39 AM