Happy New Year!
Fulfill one of your resolutions today by picking up some health insurance, seriously. It’s actually cheaper than a lot of people think, thanks to the services provided by great comparison shopping sites like eHealthInsurance.
If you’re already in pretty good health, check out a Health Savings Account (HSA). These plans typically have high deductibles (anywhere from $1000 to $5000) but they allow you to dump up to $2,900 into an HSA account, which is basically a special savings account.
HSA contributions are not taxed, meaning your money will go 20-30% farther depending on your tax bracket. You can also roll over those contributions from year to year and the sums can earn interest or be invested in mutual funds and the likes.
When deciding how much of a deductible to select, consider how much you’ll save monthly compared to if you suffer a serious ailment and really need to use the insurance. In my case, it cost $20 more a month to knock my deductible down from $5,000 a month to $3,000. In order for me to come out ahead if I went with the higher deductible, I’d have to basically go without a $3000+ claim for the next 8 years… which I’m not willing to roll the dice on.
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