Shop Around for Health Savings Accounts

How to Compare HSA Plans

Major companies such as Blue Cross/Blue Shield and Golden Rule Insurance offer a combination of high-deductible insurance policies with a savings and investment plan for the money you set aside each year. In fact, most of these plans allow you to pay for your medical expenses with a debit card that dips directly into the health savings account.

Because health insurance policies are offered and priced by your state of residence, you'll be asked for your ZIP code. Policy costs are based on age, location, some health underwriting, and also can depend on your gender. For example, BlueCross/BlueShield's BlueEdge plan offers maternity benefits for women.

Start by comparing deductibles, which might range from a low of $1,100 to the maximum of $2,850 for an individual, or from around $2,200 to a maximum of $5,650 for a family. You can reduce your monthly premium by electing 80% coverage of costs over the deductible, instead of 100% coverage. Make sure you get coverage up to a $5 million maximum.

What HSAs Cost

You'll pay a monthly premium for your high-deductible policy. Currently, this is an after-tax expense -- but under the president's proposal, it would be covered by the $7,500 health insurance-tax deduction ($15,000 for couples).

Tom, age 32, nonsmoking male

The Golden Rule HSA 100 plan has a $1,850 deductible, with 100% coverage over that amount. It costs $129 a month. Tom also stashes away another $154 a month in the savings portion of his plan -- or a total of $1,848 a year. His medical bills are paid on a pre-tax basis out of this account. But if he stays healthy and doesn't use the money, it will roll over for future use.