Are You A Health Savings Account Lion Or Lamb?

It’s open season out there in the insurance worId again and the question for you is, “Are you a Health Savings Account (HSA) Lion?  Or you an HSA Lamb?

Now lambs are cute and cuddly (in books anyway), and you may be too, but if you are a lamb when it comes to understanding your insurance options from your employer, or available in general you risk being eaten alive by your plan.  Or if you simply follow the other sheep in your office you could end up in the slaughterhouse. Well, mabe not eaten alive, or in the slaughterhouse, but it could cost you some serious money.

On the other hand, if you devoured the insurance materials from your employer or insurance broker if you self-insure from cover-to-cover;

If you know which doctors are in the various plans;

If you understand the difference between the deductibles;

If you understand the difference between the premiums;

If you understand the financial trade-offs between premiums and deductibles;

If you understand the difference between HSAs, HRAs, and FSAs and fully utilize them within your plan;

If you understand the nuances of your prescription options;

If you know how much money in total including what came from your wallet and what came from your employer’s on this year for your whole family including premiums, medications, OTC costs, and doctors visits;

If you spent every nickle out of your FSA or made the maximum contribution to your HSA (or both if you are lucky enough to have both);

If you understand the tax benefits of an HSA (if you have one or are considering one); then you, my friend roar like a lion.

Advice for lambs:  If you have not made you selections, it’s not to late to take on the lion personality.

Advise for lions:  Help the lambs, not only because you are nice, but to the extent you can drive down their costs, you help keep your own down too.