The HSA

Dana and I entered a new world in health insurance -- an HSA (health savings account) plan through his employer. An HSA is a bank account for medical expenses. It's been an option for a couple of years, but due to the very high deductible, we were reluctant to do it. Our health insurance premiums have gone up by double digits several years in a row, and a majority of the premium comes out of our pocket. So, we decided to take a serious look at the HSA/high deductible option. (We are grateful for the access to health insurance and for the employer contribution we receive. If your employer covers most or all of your insurance costs, thank them! It is very expensive!)

The HSA plan deductible is very high, but our main preventative care is covered without the deductible. The difference in premium costs from our HMO was significant, especially when you factor in our relative health and small family size. We are putting all the premium money we saved into the HSA for now to build up the account.

The only downside so far is timing. Instead of changing insurances at the end of the year like we always did, the company had to make the changeover now. We had already met our full family deductible for the plan year -- ugh, now we have to start over. No fun since it has financial consequences. Once we get over the pain, I think it will serve us well. God willing! Pray we aren't hospitalized anytime soon.