Many employers offer HSA-eligible plans, and you can also set one up on your own, if you buy health insurance on or your state’s exchange. If, like Nick, you’re debating a high deductible health plan with an HSA, versus a more traditional health plan, here are some things to consider.Ī health savings account, or HSA, is a savings account that you - or you and your employer, if you have an employer-sponsored plan - can put money into, tax-free, that you can use for qualified medical expenses. I would be scared that if one of my kids has a serious health issue I would have very high health expenses.” But the implications of what it means, in terms of risks, to have a high deductible plan aren’t totally clear to me. My vague notion is that if you have a high deductible health plan then you should utilize health savings accounts and they can allow you to save lots of money over time for health issues later in life. “However, I don’t quite understand how they work and what the benefits would be for my family. “I’ve heard from people who are more sophisticated with personal finance than myself that health savings accounts are the way to go,” Enz wrote to “Marketplace” in an email. Nick Enz has been wondering about that, specifically about whether a high deductible health plan with a health savings account would be the smart move, financially, for his family. A time to compare premiums and deductibles and copays, guess about your health care needs for the coming year, and gamble on which health insurance will be the best bet for you, financially.

Copay vs high deductible