Mariel Segarra

Now on to takeaway four.

Certain kinds of visits and services are free, even if you have a high deductible plan and haven't met your deductible yet.

If you're on a high deductible health plan, how can you budget for the upfront costs that we've been talking about?

Takeaway five, don't sleep on your HSA.

An HSA is a savings account for medical expenses.

The money you put into it will not be taxed.

It either comes straight out of your paycheck before taxes, or you can put it into your account and get a tax deduction in April.

Your HSA account belongs to you.

If you open one through an employer and you leave your job, the money is still yours, and the money rolls over every year.

Another thing that's nice about HSAs is that you can invest the money in your account in stock market funds, usually once you hit a certain threshold.

And you'll never be taxed on that money, not even the growth, as long as you eventually use it for qualified medical expenses when you do withdraw it.

Investing your HSA funds may not be an option for you right now, but if you can afford to let the money sit in there and grow, this can be a great long-term investment.

Keep in mind that HSAs are different from FSAs or flexible spending accounts.

Jackie, thank you so much for this.

Yeah, thank you.

Okay, time for a recap.

Takeaway one, if you have a high deductible plan, remember you might have a lot of bills to pay up front.

Takeaway two, there are ways to manage these costs.

At LifeKit, we've reported on how to apply for financial assistance, also known as charity care, from a hospital.

Even if you haven't met your deductible yet, hospitals can lower or eliminate your bill based on your income.