It’s that time of year — when you start seeing emails about your health insurance options for next year. Here's why you should sign up for an FSA or HSA this time. (via CNBCMakeIt)
About four in 10 American households would not be able to cover an unexpected $400 expense with cash, savings or a credit card, according to. About 12% of Americans say they would not be able to cover the expense at all.
Yet when it comes to health care, the average American household spent almost $5,000 per person last year in out-of-pocket expenses and insurance premiums. That's a 101% increase from the roughly $2,500 per person that Americans spent about 34 years ago in 1984, according to an analysis of the Bureau of Labor Statistics Consumer Expenditures Survey byAnd many times, those expenses can be even higher than anticipated.
About 16% say the biggest challenge was the bills they expected their insurance to cover but were paid out at a lower level than anticipated or denied completely. That can include categories such as dental surgery or procedures deemed more cosmetic than mandatory. "Those savings accounts are nice for stuff like that," Wiik says.
Not only can these accounts be used to cover unexpected bills or the minimum needed to meet your deductible, but they can be used for routine expenses that may be otherwise out of pocket. For example, if you need physical therapy for an ongoing condition, and you pay a $50 co-pay each visit, you can save $600 into your FSA or HSA for the year, so you already have money set aside to cover those costs.
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