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:
 Reuters India | Diabetes drug might fight cancer Science News An ancient herbal remedy that constitutes the active ingredient in a modern diabetes drug may soon play a new role in combating cancer, ... Diabetes drug may keep lung cancer at bay Diabetes drug can reduce risk of cancer, researchers find Diabetes 2 Drug Metformin May Protect Against Lung Cancer In Smokers |
 Cincinnati Business Courier | Tech grant aims to help diabetes prevention Detroit Free Press Diabetes is the nation's costliest health care problem, totaling $200 billion in annual costs, said James Slaughter, executive director of the Metro Detroit ... Cincinnati nonprofit to get $13.8M for health IT Metro Detroit gets $16.2 million grant for health information exchange on diabetes Feds name last two Health IT grant recipients |
60 Diabetes Seconds May Prevent A Diabetes Life Huffington Post (blog) Given the statistics, no matter where you live, no matter your age or race, fat or thin, you may get diabetes. Did you know type 2 diabetes is the fifth ... Diabetes 'could become epidemic' Optimizing Treatment for Type 1 Diabetes Factors behind cognitive deficits in diabetes revealed |
 Modesto Bee | UCLA Study Finds Rising Levels of Obesity, Diabetes in California California Healthline Nearly 60% of California adults are overweight or obese and almost 8% of adult residents have diabetes, according to a recent report by the UCLA Center for ... Stanislaus County struggles with worsening obesity LSUHSC pediatric weight expert provides obesity trinity answers Read the new study, “Obesity and Diabetes: Two Growing Epidemics in California.” |
 Boston Globe | Agent Orange cases may cost billions more Washington Post More Vietnam veterans are being compensated for diabetes than for any other malady, including post-traumatic stress disorder, hearing loss or general wounds ... Vets' Agent Orange diabetes claims soar Diabetes now tops Vietnam vets' claims Olbermann Cherry-picks AP to Accuse Alan Simpson of Attacking Veterans |
 Health Care N Diet | Breastfeeding Reduces Type 2 Diabetes Risk (Video) Insidermedicine Mothers who breastfeed are less likely to develop type 2 diabetes, according to research published in the American Journal of Medicine. ... Breast-Feeding Keeps Diabetes at Bay Eating eggs, breastfeeding affect risk of diabetes mellitus (type 2) Not Breastfeeding Raises Type 2 Diabetes Risk |
 PhysOrg.com | Why fish oils work swimmingly against diabetes EurekAlert (press release) The discovery could lead to development of a simple dietary remedy for many of the more than 23 million Americans suffering from diabetes and other ... Experts 'unlock' secret of fish oil How Fish Oil Fights Inflammation New Study Reveals How Fish Oil Fights Inflammation |
Bariatric Surgery Cost-Effective in Very Obese With Diabetes Researchers look ... ModernMedicine 2 (HealthDay News) -- Both gastric bypass and gastric banding are cost-effective ways to reduce diabetes-associated complications and mortality among ... |
The Mississippi Walk for Diabetes is Oct. 3 Clinton News She is greeted by a family whose child has just been diagnosed with diabetes. She can tell by the look on their faces that they are anxious, overwhelmed, ... Walk for a Cure |
Spencer Pharmaceutical Widens Patent Protection to Address the Growing ... MarketWatch (press release) This effectively will widen the umbrella of protection for the Company's Intellectual Property and will address the much larger global market for diabetes, ... |
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