The Scam that is Health Savings Accounts

[RobinA]

29. All True, But

they are all marketed to Joe and Josephine Average Salary as if they were something great. It's basically your own money, so they shouldn't really be mentioned in the same breath as "insurance," as that is misleading.

When the company I worked for at the time introduced the HSA as if it were something great that I should like (at the time making $30,000 a year), I thought, Great, this sounds good. Then I read about what the deal was and it dawned on me it was a fancy savings account from which I would lose all remaining money at the end of the year. WTF??? I couldn't imagine why average people would do that. I still can't. I know people how use them and then scramble around trying to spend it down so they don't lose the money. And the tax savings are minimal with an average income. More trouble than it's worth in my book.

On edit to say: After reading further down it seems that some companies add to an individual's HSA. I have NEVER encountered that. Of course, in 30 years in the private sector I never got a 401k match, either, despite always having a 401k, so I obviously am not employed by the right companies. That's why I went public sector with union. I get a decent health plan and a real pension now. Only wish I had done it sooner.