I Have Diabetes or Another Chronic Condition - Should I Use an HSA?
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. The book is available for sale as an e-Book or paperback at the Website http://www.healthoffthegrid.com
MORE RESOURCES:
 ABC News | ACC: ACCORD Vindicates Patient-Centered Cardiac Care in Diabetes MedPage Today ATLANTA -- Individualized care is again the message in the wake of lipid and hypertension results from ... Diabetes Heart Treatments May Cause Harm Aggressive measures to treat diabetics make many of them worse, studies show Accord Study Deals Big Blow to Diabetes Treatment Options |
 TopNews United States | Soy products beat drugs for type 2 diabetes prevention? Food Consumer Starlix or nateglinide indicated to control type 2 diabetes was tested in more than 8300 overweight men and women for a 5-year period and found useless in ... Drugs in pre-diabetics do little to slow progression to diabetes or to heart ... Search for Better Diabetes Therapy Falls Short 2 Drugs Fail to Prevent Diabetes in the Overweight |
 WANE | Study: Some diabetes treatments cause harm abc7.com Researchers found that among people with type two diabetes, lowering blood sugar levels excessively actually increases the risk of heart disease. ... Studies: Intense treatment doesn't help diabetics |
 Forbes (blog) | No heart benefit seen with fibrates in diabetics Reuters The study run by the National Institutes of Health, dubbed Accord, aimed to see if the dual-drug therapy could reduce cardiovascular events in diabetes ... Abbott's TriCor Shows No Benefit For Diabetics In Study Abbott's TriCor With Statin Fails to Cut Diabetic Heart Risk Abbott's TriCor Fails To Beat A Sugar Pill |
Effect of Valsartan/Nateglinide on the Incidence of Diabetes and ... Cardiosource Study Question: Does use of short-acting insulin secretagogues and/or rennin-angiotensin-blockers reduce the risk of diabetes or cardiovascular (CV) events ... NAVIGATOR: Valsartan slowed progression to diabetes, no effect on CV events Navigating the Choices for Diabetes Prevention NAVIGATOR shows valsartan delayed progression to type 2 diabetes in at-risk ... |
 BBC News | No quick drug fix for high diabetes risk BBC News Two key treatments do not halt diabetes in people with early signs of the disease, a large study has found. Researchers said the results showed the only way ... |
ND tribe getting money for diabetes project Jamestown Sun ... delegation says the Three Affiliated Tribes is getting more than $1.2 million in federal money to help combat diabetes on the Fort Berthold Reservation. ... |
 TopNews Arab Emirates | Call for steps to reduce diabetes among children GulfNews "Currently, children make up 10 per cent of the total number of people who suffer from diabetes and we have to take measures to ensure that this doesn't ... Type 2 Diabetes on the Rise Diabetes affecting one in four Emiratis, health screenings show Diabetes speedily increasing among UAE nationals |
 Brunei News, Brunei Headlines from Brunei fm | Kidney ailments rising due to diabetes Brunei News, Brunei Headlines from Brunei fm MORE than 100 new cases of kidney ailment are recorded every year in Brunei and more than 55 per cent of kidney failures in the country are due to diabetes, ... Kidney Ailments Rising Due To Diabetes An aerobics and walkathon event held in conjunction with World Kidney Day 20pc Of Population Faces Diabetes Risk |
 The Hindu | Protect Your Kidneys by Controlling Diabetes and High Blood Pressure Food Consumer Diabetes and high blood pressure are common causes of kidney disease. However, most people with kidney disease are not aware of their condition. ... Stop Kidney Disease,Control Diabetes Diabetes: The leading cause of chronic kidney disease 'Diabetes control reduces kidney disease risk by 21%' |
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