A
amdx
- Jan 1, 1970
- 0
I have BlueCross BlueShield health insurance.
Family of four.
Last month I raised my deductible from $2,500 to $10,000.
The premium went from $827 mo. to $376 mo. or $9,924 yr to $4,512 yr.
I save $5412 per year on premiums.
The money I save is going into a Health Saving Account. I will put the
maximum allowable tax deductible contribution of $5,850 in the HSA.
If I had no medical expenses, in two years I would $11,700 in the account,
that would cover the full deductible, if I ever had to use it. In reality it
may take
three or four years. I think the money can be rolled into an IRA at
retirement.
Info about HSA's can be found here-
http://www.treas.gov/offices/public-affairs/hsa/pdf/all-about-HSAs_072208.pdf
http://www.irs.gov/pub/irs-pdf/p969.pdf
Just a thought for those looking to save money on health insurance.
Mike
Family of four.
Last month I raised my deductible from $2,500 to $10,000.
The premium went from $827 mo. to $376 mo. or $9,924 yr to $4,512 yr.
I save $5412 per year on premiums.
The money I save is going into a Health Saving Account. I will put the
maximum allowable tax deductible contribution of $5,850 in the HSA.
If I had no medical expenses, in two years I would $11,700 in the account,
that would cover the full deductible, if I ever had to use it. In reality it
may take
three or four years. I think the money can be rolled into an IRA at
retirement.
Info about HSA's can be found here-
http://www.treas.gov/offices/public-affairs/hsa/pdf/all-about-HSAs_072208.pdf
http://www.irs.gov/pub/irs-pdf/p969.pdf
Just a thought for those looking to save money on health insurance.
Mike