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Health Savings Account Blue Cross Deductible

Posted in Uncategorized | August 27th, 2011

Should a college student invest in a health savings account?

I am 20 years old and I just lost Medicaid under my parents, and my income is too high for it. I earn $1,080 a month.

I have $650 a month in expenses and live on my own. I am about to purchase Blue Cross Blue Shield for individual plans with a high deductible. I try to stay really healthy, eat healthy, but I have chiropractic service needs, 3 bulging discs, and a scoliosis that isn’t moving anymore in my lower spine. I’d rather save in a HSA to pay high for a medical emergency than keep paying a high premium monthly.

I need something with dental, vision, chiropractic, and health. I found out my Medicaid got canceled after I ended up in the ER for stomach problems over the weekend and now have high bills. What do you think?

Sure, an HSA can be a great way for anyone to save on taxes and you have the money earmarked for medical expenses.

American Chartered Bank has $10 application fee and no monthly fee HSA. There are other places with similar costs. You don’t want to go with a brokerage house, their fees are much higher.

You need medical insurance only. Dental & vision insurance do not pay for themselves. Dental pays at most 50% of your services up to a very low maximum ($1000-$2000 typically). Vision is the same. Any serious vision problem you have would be considered medical, anyway. I would say the same is true for chiro. My chiro in LA, charges $100 a visit if you use insurance. His cash price is $30 a visit and less if you purchase “a package”.

Regarding your ER bills: Many hospitals will do big discounts for bills paid within 30 days (25-50%). Or create very easy payment plans – $25 a month for eternity. When you get the bill contact the hospital to find out what they can do for you.