Insurance

Health Savings Account Awesomeness Example #1

I love my Health Savings Account.  If you’re not clear on how they work, or how well they work, you’re in luck as I’m willing to share my experiences with them as I need to use mine.  Today’s post is my latest adventure in Health Savings Account Awesomeness.

Earlier this week, I took my son to have his eyes checked and get new contacts. Given my wife’s experience, I had him go to the same optometrist we went to last year. The exam revealed that his prescription had changed just a little and would be in need of new eye wear.

The employee helping us asked if my son would want glasses or contacts.

“Dad, I kind of want both. I like contacts, but sometimes it’s nice not to have something in my eyes," my son said to me sheepishly.

I know he was worried that I would tell him he would have to pick one or the other. He may not understand insurance coverage, but it’s not hard to figure out that getting two forms of eye wear would be more expensive than one. I could see the surprise on his face when without hesitation I told him he could get both if he’d like.

Once he had been fitted for his new frames, and the contact lenses had been ordered, it was time to pay the bill. After a quick swipe of my Health Savings Account (HSA) debit card, and a signature we were on our way.

As we walked back to the van, I explained to my son the awesomeness of an HSA, just to plant the seed in his head for a few years in the future when he may be selecting his own insurance.

• Every paycheck I have $150 deducted tax free from my paycheck and put into an account.
• I can earn incentives in the form of deposits into my HSA from my employer through healthy living education activities in the form
• Whenever we need to go to the dentist, the doctor, or the eye doctor I can easily access the funds using my HSA debit card to pay for the services.

The above attributes of my Health Savings Account makes getting needed medical care worry free. Before we switched to a high deductible plan with a Health Savings Account, his eye wear would have to be paid for out of our pocket. We’d have to save up to be able to pay for the portion that exceeded our insurance coverage.  But now I know that I have money set aside and ready to be used to pay for any medical expenses not covered by my insurance.

Have you switched your insurance to a plan that includes a Health Savings Account? Have you found that paying for medical expenses is stress free knowing you have the funds?

Brought to you courtesy of Brock

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