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Cover unexpected healthcare cost with a health savings account

Posted at 3:06 PM, Nov 16, 2022
and last updated 2022-11-16 15:06:05-05

Making wise financial decisions can impact your future. Founder and CEO of HerMoney.com, Jean Chatzky, joined Inside South Florida to share the benefits of having health savings accounts.

“Synchrony commissioned a study called the “Lifetime of Health Care Costs” and found that for the average person who has insurance through an employer’s health insurance, you're looking at $320,000 in unreimbursed health care costs over a lifetime. If you don't have that employer coverage, it's $700,000,” says Chatzky. “People are not prepared for these unreimbursed expenses when medical procedures hit. They're delaying them. That is a very bad idea.”

Enrolling in a health savings account can offset unexpected healthcare cost.

“Four out of five people say they do not have a separate savings account for health care. They absolutely should. These expenses are regular expenses,” says Chatzky. “Synchrony has put together a great educational resource. You'll find information on how much procedures cost, how to have conversations with your doctor, and tools about financing health savings accounts and flexible spending accounts.”

For more information, visit CareCredit.com/lifetime-study

This Inside South Florida segment is paid for by Synchrony.

Inside South Florida

10:49 AM, Jul 26, 2019

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