The pros and cons of health savings accounts

Your Turn

The pros and cons of health savings accounts

Federal benefits expert Walt Francis joins host Mike Causey on this week's Your Turn to answer your questions about government health savings accounts, and how...

November 29, 2016 5:59 pm

2 min read

Tired of paying more and more each year for your health insurance? Do you know how you can actually make money, and keep it, thanks to your health plan?

Federal health insurance expert Walton Francis says that some of the government’s health plans —those with HD (high deductible) or CD (consumer driven) in their name are the equivalent of “an IRA on steroids.” Francis says that active duty feds, especially those who are in good health and who seldom use their insurance, can make money — thousands of dollars over time — that is theirs to invest and keep. The secret is the plan’s HSA (health savings account) feature, which they pre-fund, in pre-tax dollars, which makes it even sweeter.

So who is eligible for an HSA? Which plans offer them? What are the drawbacks including the obviously higher out of pocket costs you might incur in an HD (high deductible) health plan?

Francis will answer those questions when he joins host Mike Causey today at 10 a.m. on our Your Turn radio show. You can listen online, or in the Washington metro area on 50,000-watt 1500 AM. The show will be archived on our Your Turn page so you can listen later. And refer it to a friend or coworker. If you have questions there are two options: Call during the show at 202-465-3080, or, you can email questions to Mike before the show at mcausey@federalnewsradio.com.

The health savings account option might not be for you. On the other hand it could let you buildup a big pot of tax-free money. You’ll never know until you check.

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