What to Do When Your Health Insurance Costs Too Much

What to Do When Your Health Insurance Costs Too Much

You can often reduce high medical insurance costs by switching to a high-deductible health plan, using an HSA, reviewing plan tiers during open enrollment, and checking marketplace subsidies. Health Savings Accounts (HSAs) offer tax advantages that most people overlook.

HSAs offer a rare "triple tax advantage" — contributions, growth, and withdrawals are all tax-free when used correctly.

Most people think of HSAs as purely a healthcare spending account, missing their potential as a powerful long-term investment vehicle. After age 65, you can use HSA funds for non-medical expenses, making them a viable supplement to traditional retirement savings.

And as if that wasn't great news, unused HSA funds roll over year to year — there's no "use it or lose it" rule, unlike Flexible Spending Accounts (FSAs).

Read more in Insurance Savings, which walks you through choosing the right medical plan.

 

 

 

 

Back to blog

Leave a comment