Health Savings Accounts

Are HSAs (Health Savings Accounts) right for you? My understanding is that they don’t work too well for people who need frequent medical attention. The other thing that always occurs to me on this subject is, why do I need some administrator to manage may savings plan? One reason might be that if you are very sick or injured, the HSA will act as catastrophic insurance. I suppose If you have enough money, you don’t need insurance. But for the rest of us there are also new plans coming out called HRAs that are similar to HSAs except that they will be at least partly employer funded. For more information on both and whether they could work for you, see this AP article on consumer directed health plans.

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