WHY I LOVE MY HSA 😷💸

When I started my first job out of college, I was offered several health insurance plans – PPO, EPO, HMO, HDHP – so many acronyms! As a fresh graduate who hadn’t learned anything related to health insurance in school, I was very lost.

After a lot of research and pro/con weighing, I ended up choosing a HDHP so I could open a Health Savings Accounts (HSAs). HSAs are savings accounts that provide HUGE tax advantages when used for health-related expenses.

If you are generally healthy and do not anticipate high healthcare costs in the near future, a HSA may be an effective way to save for future healthcare expenses (which will likely increase as you get older) while offering tax-advantaged growth.

On the other hand, if you have a chronic medical condition or believe you may require expensive medical care in the near future, and if it would be financially difficult to meet a high deductible, a HSA may not make sense for you.

AND REMEMBER: If you do decide to open to an HSA, make sure the funds in your HSA are actually invested! You will likely have to manually go into your HSA account andopt in to automatically invest new contributions.

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