Quote:
Originally Posted by Hank_Heartland
No we don't go to the hosp alot...but we are up in age and have pre-existing conditions and it makes it impossible to get the same coverage from anybody else any cheaper.
If I get lower prem and have to save to self insure...I'm not gaining anything. And yes I'm self employed and claim the tax deductions...but I don't like what's coming out my pocket right now  |
If you don't go to the doctor often a high deductible, lower prem may be the way for you go go. FOR EXAMPLE.
Say you paying $1800 a month right now with no deductible, if you changed to a $5,000 deductible and lowered your prem to $1400 a month . You take the extra $400 a month and send it to your own health savings account. After 1 year you have enough saved there if you do have to max your deductible you pay it from your HSA. The 5K or so you put into the HSA is tax deductible so you pay less in income taxes at the end of the year. If you don't go to the doctor for a couple years (which sounds like your case) then you can build up a lot of money in your HSA, so instead of paying the insurance and not using it (losing that money) you get to retain the money and get more tax deductions.