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Is a Health Savings Account (HSA) right for you?

Here is a simple checklist to see if an HSA with a Qualified High-Deductible Health Plan is right for you. Check each box which applies to you: PDF Version
Are you and your family generally healthy and only see a doctor for annual exams and an occasional prescription?
Do you or your family have health care expenses in excess of your medical deductible in a single year?
Are tax deductions important to you and do you file an IRS Form 1040 to itemize your deductions?
Do you maintain accurate personal financial records such as checking accounts and files with receipts?
Do you have adequate financial reserves to pay for your routine health care expenses out-of-pocket?
Are you likely to comparison shop for health care goods and services?
Do you need to prepare for retirement by saving money towards future healthcare expenses not covered by Medicare?

If you checked most of these boxes, then an HSA with a Qualified High-Deductible Health Plan may be a good option for you.
Do you or your family have chronic health conditions requiring multiple doctor visits or take several prescription drugs year after year?
Do you have health care expenses that nearly total your medical deductible for you or your family year after year?
Are itemized tax deductions not important to you or do you file your taxes using IRS Form 1040EZ or Form 1040A?
Are you unlikely to maintain accurate personal financial records such as checking accounts and files with receipts?
Are having the lowest possible health insurance copays and deductibles important to you?
Are you financially unable to budget for your health care expenses?
Are you unlikely to comparison shop for health care goods and services?
Do you live paycheck to paycheck?
Are you depending on Medicare to take care of all your medical expenses?

If you checked most of these boxes, then an HSA with a Qualified High-Deductible Health Plan may not be a good option for you.

White Bear Group Inc.
PO Box 91705
Raleigh, NC 27675
(919) 439-7115
(919) 882-9091 fax
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