Thursday, August 19, 2010
One of the main reasons we decided to move here from Idaho a few years ago was because the company Hubby works for has great health insurance. No monthly premium, no deductible, good coverage. Now the company is thinking of switching to a health savings account next year. I'm really not sure how exactly it works but from what I can see it is a lot more complicated than what they currently offer. We understand about rising insurance costs (they estimate the cost to our company of our current insurance will go up 20% next year, yikes) and the company trying to save money, but it stinks to be switching from the great insurance that was the motivating factor for us to move here to the HSA. One big drawback is that even though the company will make contributions to our account every month, we basically start out with nothing there so any expenses at the beginning of the year (like, say, having a BABY) will not have the money in the account to cover it yet. I really wish I knew more about how HSA's work. Overall from what they've told us, we won't really be spending any more than we are now on average, I just have a hard time figuring out how it all works.