Customers often ask, “If I get one of the HSA plans, do I have to put money in a health savings account?” The answer is no. Many people purchase one of the Kaiser HSA plans and never open a health savings account. If a plan has HSA as part of the name, this simply means that this plan is government qualified, so that if you want, you can open a health savings account. If you are not on an HSA Plan, then you do not have this option. 

For most Kaiser members on the health savings account plans, we do recommend opening an HSA account. By doing so, you can deduct healthcare expenses from your federal taxes. A little tax savings never hurt anyone. You can open up an HSA account with as little as $100 and your money gains interest while it’s in the account. Be aware that some financial institutions charge a monthly fee for their health savings accounts. This fee may be somewhere between $3 and $6 a month. You may want to make sure that the interest and the tax savings you gain are enough to outweigh the monthly fee, or look around to find an HSA Plan that does not have a monthly fee. There are some out there. 

Whether you intend to open a health savings account or not, the Kaiser Permanente HSA Plans offer great coverage at affordable prices. I personally am on the $0/$1500 Deductible Plan with HSA and I have never opened a health savings account for myself. I love the low $1500 out-of-pocket maximum. It’s good to know that I have 100% coverage after my healthcare spending adds up to $1500 in one calendar year. My wife has the same plan, and I did open an HSA for her. She is pregnant and due to have our baby this month. I knew we would have a lot of medical expenses having to do with the pregnancy and I wanted to be able to deduct these expenses, so I opened an HSA for her.