Shop Around for Health Savings Accounts

If Tom continues to put $154 each into his HSA each month, and never pays any bills out of the account and earns 5% interest, he will have accumulated a balance in excess of $126,000 in 30 years.

Sue, age 34, nonsmoking female

BlueCross/Blue Shield offers the "BlueEdge" HSA (www.bcbsil.com). Sue wants a plan that includes maternity coverage. The plan has a deductible of $1,750. It costs $175 a month, with 80% coverage of all expenses over the deductible, or $213 per month for 100% coverage. She funds the savings account with another $146 a month, for a total of $1,750 -- money that can be used to pay medical bills or grow tax-deferred.

Mary, age 60, retired female

Health savings accounts are particularly attractive to people who retire early. Mary is paying $800 a month under COBRA to keep her employer-sponsored health insurance for at least 18 months. If she is healthy and can qualify, she could purchase a BlueCross/BlueShield HSA plan with 100% coverage over a $1,750 deductible for $256 per month, or 80% coverage for $209 per month.

Whether you're self-employed and looking for affordable coverage, or have the Health Savings Account option in an employer plan, it's definitely worth considering -- especially if you stay healthy! And that's The Savage Truth.