We only use our health insurance on the very rare occasion that I hurt myself snowboarding or riding my MUni. But we would like to have the protection there just in case something big does happen. And in the future, we would like to finance a childbirth or two, dental procedures, and maybe LASIK. And for this planned stuff, we know we have a couple years to save up for it.
The best solution to this problem is an HSA qualified high-deductible health insurance plan. We have a $4,000, 100% coinsurance policy with HumanaOne.
We combine this high deductible health insurance plan with a health savings account with Saturna. After helping many, many clients choose an HSA, I’ve found Saturna to be a great choice for people looking to really invest in their HSA. Saturna has a lot of good investment options with no fees, but we selected the Amana Growth Mutual Fund.
There are many health insurance options available in Colorado, and this type of setup with these companies happened to meet our specific age, zip code, risks, and goals the best. If you’re 30 years old, live in Broomfield, Colorado, and have the same lifestyle and goals for the future that we do, this plan will work best for you. But if you’re not an exact clone of me, you may want to contact us so we can help you find the best plan for your needs.
Update: Some time has gone by now since this post was written and I thought I would note that I have hurt myself riding my MUni and we have financed a childbirth with the funds in the HSA. We’ve maxed out our contribution again this year (2008), but we still have the same plan.
Update: In September of 2011, we switched to a CoreShare plan with Anthem BCBS that has a $3500 deductible because of the savings. We’re in a different zip code now (Wellington, Colorado) and that changed things a little. There is also extra risk involved with that plan, but it was acceptable to us.