How much money do you normally spend annually on health care? If your family is included in your insurance plan, a health savings account may be a great option for you. However if you are enrolled in an HMO, it may not be the best option.
Your health plan and health savings account should be tailored to the needs of you and your family. HMO plans provide a low patient cost for physician care and for prescription drugs. Dental DMO plans work in much the same way. There is no annual deductible that has to be met with these plans. Vision group insurance costs are very low (so far) and the coverage is excellent with the VSP Vision plan. I recently got a four hundred dollar pair of glasses and my total cost was eighty eight dollars. The cost would have been zero but I opted for the no line bi-focals. That cost included the eye exam.
If you have a PPO provider, by all means consider the health savings account. Ask your group insurance administrator to clarify expenses related to dental and vision. Be sure to read the booklet on the benefits and disadvantages on health savings accounts. The tax break is great since you are not taxed on your gross earnings.
Determine what the costs are for each plan and base your decision on what plan will work best for you. Review the plan you select and the determine the projected savings with a health savings account. If you have children on your insurance plan you will almost always come out ahead with the health savings account.