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Of Sickness and of Wealth
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"From a financial standpoint, there's no real benefit to us. There's just more paperwork," said Driscoll, who plans to drop the HSA by year's end. "I very quickly realized it just didn't make sense for our life."
Driscoll, who has done consulting work in the health industry, is chagrined that she hadn't been able to accurately calculate the investment ahead of time but says that the research involved in figuring it all out took too long. "I'm pretty well educated. I've also done work in the health insurance world. It's so ridiculously complicated, I don't know what [most people] do," she said.
Consumers looking into a health savings account should compare premiums on traditional insurance options with those for high-deductible plans and factor in how much their employer is willing to contribute to the HSA, said Tom Billet, a senior consultant in Watson Wyatt's health-care practice.
"If the HSA has lower premiums and substantial employer contribution, it might make sense," he said. A health savings account "is almost always a good idea," Billet said, for people who make more than $100,000 a year, have no retiree medical plan or chronic illnesses and have the ability to contribute the full amount each year.
Phillips fits that profile. She has had no ongoing health expenses and rarely needs to see a doctor. She had one inexpensive prescription, which she chose to pay out of pocket, and a mammogram that was covered under her insurance plan's wellness program. Since opening the account last spring, Phillips has yet to draw on her funds.
If your employer does not offer HSAs, it can be tricky to find one. Phillips started her search with her bank but soon realized it would not be easy.
"Finding a bank that handles HSA accounts is not easy. Many banks didn't know what I was talking about," she said.
Phillips said she asked a lot of questions and made the most of her network of personal and professional contacts -- especially peers who had turned or were also turning 50. "We're all going through this. Once you hit 50, you're in a new Zip code" in the eyes of insurance companies and life needs, she said.
