How Health Savings Accounts (HSA) Make Family Health Care More Affordable
Teeth cleanings, doctor’s appointments, and the rare trip to urgent care are likely part of many families’ health care budgets. Thankfully, there are accounts available to make these items more affordable: Health Savings Accounts (HSA). Use this guide to familiarize yourself with these tax-advantage accounts and how they can provide some cushion to your family’s health and wellness budget.
Family health care costs
How often your child needs to go to the doctor depends on their age and individual needs. In general, the U.S. Department of Health and Human Services recommends seven well-child visits for children between the ages of one and four.1 For older children and adults, an annual visit is recommended. Health concerns, such as an ear infection that simply won’t go away, may require additional appointments and other costs, such as prescription drugs. Regardless, it’s easy to see how quickly the price of health care can add up.
A healthy family of four earning $100,000 annually with employer-sponsored health insurance coverage is likely to spend about 12% of their income on health care.2 This can increase to 15% if any of those family members’ health worsens.
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Health Savings Accounts (HSA)
Even if you do have health insurance, budgeting for medical and dental care can prove difficult. If you have a high-deductible health plan, consider opening a Health Savings Account (HSA) to give your financial wellness an edge. These accounts are beneficial because you can contribute pre-tax funds to them, allowing your hard-earned money to stretch further for your family. Use the funds for qualifying medical expenses for either you, a spouse, or a dependent. While some employee benefits packages include an HSA, you can also open one at some credit unions. The best options include debit card access, no monthly fees, and no minimum balance.
General Electric Credit Union (GECU) wants to help you focus on your family’s health and well-being. That’s why we’re committed to simplifying your everyday banking experience and providing the tools and accounts you need to get more out of your money. From HSAs to interest-earning checking and savings accounts, Cincinnati’s Best Credit Union proves time and again that we’ll put your family’s interests before our own.