Originally Posted by
Panama Jones
Aside from working as a pilot, I have been a financial planner for 15 years. Generally speaking, a HSA style health plan is a better option for you if you are healthy. The whole point of the savings portion is to allow you to hang on to your own money instead of giving it to the insurance company. If you are smart and careful (and lucky) you will have a sizable savings ready for an emergency, and if the emergency doesn't materialize you have the peace of mind knowing that you are prepared. Run the numbers--it works.
While it would work well if you were healthy and lucky, a bad injury or sudden illness in the family could be a bankruptcy event for someone with our wages. A plan like that wouldn't work for anyone. In my opinion, the only accecptable outcome would be if they offered a choice to stay on the current plan or switch to the HSA plan.