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Tag Archives: health care spending

How Much a Healthy Family Spends on Medical Care in a Year

medical costs for a family

The cost of the health care in the United States is a hot button topic to say the least. People seem to either love/hate Obamacare depending on whether the program actually helped make insurance more affordable or added to the already substantial burden of trying to insure a family and pay medical bills. Since I am lucky enough to have a pretty healthy family and I track all of our spending religiously, I thought it might be interesting to see how much a healthy family spends on medical care in a year. We Have Insurance While it might be cheaper to take the penalty for not being insured, we think it’s really important to have health coverage. Fortunately, Jim has really good insurance that is paid by his employer. Unfortunately, it costs $800 a month to add a family, so the kiddo and I have a grandfathered Anthem HSA plan that costs $261 a month. Jim only has to pay a $30 copay for doctor visits and anywhere from $5 to$40 copays on prescription medicines. The Anthem plan has a $10,000 deductible, so other than covered preventative services, we pay out of pocket if my daughter or myself have medical ...

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Investing Your Health Savings Account in the Stock Market

I have had a health savings account eligible insurance plan since they first became available. I love the triple tax advantages of the HSA. Pre-tax or tax deductible contributions   Money grows tax free   No taxes or penalties if money is withdrawn for approved health care spending   You can potentially never pay taxes on this money! Is that a great deal or what? Recently, though, we’ve decided to let our HSA dollars do even more for us. We’ve decided to invest our HSA in the stock market as a great way to improve our finances and here’s why. Low Interest Savings Account Currently our HSA is in a savings account. When we opened that account, I believe it earned 3% interest. Now it earns 0.19%. We made $2.94 in tax free money from our HSA last year. That’s enough to retire on, right? We Don’t Want to Spend Our HSA Money Anymore In past years, we have only put money into our HSA when we had a medical expense. Then we would withdraw it to pay the medical bill. Over the past couple of years, we’ve built up a little money, but not much because we wipe it ...

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