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I Have Diabetes or Another Chronic Condition - Should I Use
an HSA?
Health Savings Accounts (HSAs) are becoming quite popular for
people who are generally healthy. But what about sick people?
What about people who have chronic conditions like diabetes,
multiple sclerosis or the like? Does an HSA make sense for
them?
The short answer is yes.
One of my 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 me about the high-deductible health insurance policy
and the HSA in my book. We began to work the numbers
together.
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 eighty dollars. But, on the other hand, she would
save $250 on a reduced premium payment.
Once we did the calculation, she and I 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. My client has also thought of
lots of uses for that money, believe me! (I think she's saving it
for a nest egg.)
Now, whenever she sees me, she points and says "You're the guy
who saved me $250 a month!" That's a great feeling.
If you have a chronic condition that requires pharmaceutical
drugs or medical supplies or on-going doctor visits, please do
this calculation for yourself. 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! Talk to your insurance agent, bank or financial
advisor for more details. Who knows? You might have an extra $250
or more coming into your household next month!
Daryl Kulak is the author of the book "Health Insurance Off
the Grid - A Wonderful Way to Use Alternative Medicine and Save
Money on Insurance Using the New Health Savings Account (HSA)."
The book provides a nine-step plan to get your self-employed or
small business health insurance costs under control using a
unique approach you won't find anywhere else. The book is
available for sale as an e-Book or paperback at the Website
http://www.healthoffthegrid.com
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