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Defining Success

When it comes to managing a high-deductible health plan, everyone has a different idea of what success looks like. Some people are able to predict their costs. Others are just grateful for the contribution their employers make to their HSA. Here are a couple stories that may help you define your success.

Predicting Costs

Justin and his wife Wendy have high-deductible health and dental benefits. When it came time for some extensive dental work, Justin knew he needed to figure out the costs in advance of his appointment. He called to get a quote from his dentist. His plan covered 80% of the cost. Armed with this knowledge, Justin was able to estimate beforehand within a couple dollars just how much his dental work would cost. He took his dental quote and multiplied it by .2 and figured out what he needed to pay. Justin and Wendy felt good about that experience. They are more confident about estimating and saving for procedures.

 

The HSA Safety Net

Like many others, Paul and his wife Pam struggle to make it work. For a few years now, Paul, Pam and their five children have had a high-deductible plan. Paul was initially concerned about managing all their care through their HSA. When you have five kids—two in college and one who is a self-described klutz—well, you get worried. Each year the deductible got higher as did the co-pays. Again, like the majority of Americans, Paul and Pam don’t have a lot of money for extras and rising costs.

The plan was really put to the test when Jeff, one of Paul’s sons, had a kidney stone operation. Paul and Pam had to ask the hospital for financial aid because there was just no way to pay for it all out-of-pocket. But the HSA paid a big chunk of the surgery bill.

Paul considers his HSA a safety net.

We love having it. Some months we try to add money to it. My wife works for the school system and they contribute quite a bit. Our HSA has made it possible to do things like get the kids glasses and dental work.