Florida HSA - The Right Choice?
You may find yourself asking if a Florida HSA is right for you. The answer isnıt simple, and itıs not the same for everyone. It is certainly true that many people will derive great benefits from switching to an HSA. However, HSAs arenıt necessarily for everyone. Your florida helath insurance options, personal preferences, and unique situations will all factor into your determination of which type of insurance plan is right for you.
HSAs work best for people who will save money on premiums by choosing an HSA over another alternative. If you have a plan that is provided by your employer or otherwise already has premiums comparable to a high-deductible health plan, an HSA will likely not provide you with a distinct advantage. For HSAs to work at their peak, you must also be able to systematically fund your HSA. If you are able to adequately fund your HSA, perhaps with money saved from higher premiums associated with other plans, the account will definitely work to your advantage.
In determining whether you should pursue an HSA, a good place to start is to gather your medical bills and look at your last yearıs medical expenses. Calculate the amount you would have spent for premiums and medical expenses if you would have had the HSA plan you are currently considering. Compare this amount to the amount you paid for premiums, co-pays, co-insurance, and meeting your deductible under the health care plan you actually had last year. This is a good initial indicator, because it allows you a real way to compare the two types of plans.
Remember that there may not be a large difference in coverage for unforeseen major medical expenses. These expenses will likely be covered fairly comprehensively by both an HSA plan and a traditional plan. It is the routine medical expenses throughout the year that will show you the difference in the plans. Also, when comparing the two types of plans, make sure to take into account the tax savings from a Health Savings Account. This might tip the balance in favor of an HSA if other costs are closely comparable.