I already have health insurance. Why do I need an HSA?

Let’s say your insurance policy has a $5,000 deductible, and you need $20,000 of medical care. Your insurance will pay for only $15,000 of those expenses, leaving you to come up with the first $5,000 on your own.

This is where an HSA can really help. It empowers you to set aside money for the expenses that insurance doesn’t cover, so that when you need care, you know that your expenses are already taken care of. Meanwhile, insurance provides financial security for expenses that go well beyond what you can afford to save on your own.