I Have Diabetes or Another Chronic Condition

Health Saving Accounts

Health Savings Accounts (HSAs) are becoming quite popular for people who are generally healthy. But what about sick people? What about people who have chronic conditions like diabetes, multiple sclerosis or the like? Does an HSA make sense for them?

The short answer is yes.

One of my clients is a diabetic. She is very careful about what she eats and she takes her insulin regularly. She has a tremendous amount of energy and a great outlook on life. She's in her late fifties.

She asked me about the high-deductible health insurance policy and the HSA in my book. We began to work the numbers together.

With a high-deductible plan, she would definitely be paying out-of-pocket for insulin and other supplies every month, to the tune of over eighty dollars. But, on the other hand, she would save $250 on a reduced premium payment.

Once we did the calculation, she and I realized that it made perfect sense for her to switch to a high-deductible policy and use an HSA. Even after paying for her diabetic supplies, she was saving $170 every month, which amounted to $2,040 a year.

What could you do with $2,040 a year, given to you just for changing your insurance policy?

I can think of lots of uses. My client has also thought of lots of uses for that money, believe me! (I think she's saving it for a nest egg.)

Now, whenever she sees me, she points and says "You're the guy who saved me $250 a month!" That's a great feeling.

If you have a chronic condition that requires pharmaceutical drugs or medical supplies or on-going doctor visits, please do this calculation for yourself. Compare the amount that you'd be paying out-of-pocket to the amount of money you'll save with a lowered premium payment each month. You might be pleasantly surprised!

And, of course, if you have a relapse or a catastrophic health event, your insurance policy will kick in once you hit the deductible, and you'll enjoy full coverage after that.

Health Savings Acccounts (HSAs) are a wonderful tool to help you reduce your health insurance costs. They are a perfect fit for the self-employed and the small business. And they are available today! Talk to your insurance agent, bank or financial advisor for more details. Who knows? You might have an extra $250 or more coming into your household next month!

Daryl Kulak is the author of the book "Health Insurance Off the Grid - A Wonderful Way to Use Alternative Medicine and Save Money on Insurance Using the New Health Savings Account (HSA)." The book provides a nine-step plan to get your self-employed or small business health insurance costs under control using a unique approach you won't find anywhere else.

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