The psychology of an HSA

(Alternative entitled: Are you mentally prepared for an HSA?)

 

Not everyone who qualifies for an HSA is pre-disposed to enroll in one.  After all, an HSA requires a new way of thinking about an old problem—funding one’s health care program.  There are no co-pays for routine expenses such as those available in most group plans, and the “deductible” mechanism is certainly different than what is found on “traditional” plans.   

 

We believe these traits to be common amongst people who are happy with their HSA.  Check the list to see whether you meet the profile.

 

A desire not to pay high health insurance premiums

A desire to reduce federal income taxes

The willingness to assume the risk inherent with a higher

 “deductible” amount (offset by lower premiums & taxes)

click here for a full discussion of the so-called high deductible

The discipline to fund the savings account instead of over-paying for traditional health insurance

The ability to sleep at night without any “co-pays” for little bills (if this is not you, then the HSA is not for you!)

An interest in saving additional tax-sheltered money toward retirement

 

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