If I were to offer you a coupon that would provide you with 10%-30% savings on virtually all of your out-of-pocket medical expenses for the year, would you accept it?

If you said “no,” you’re crazy.

If you said “yes,” you should have a Health Savings Account set up.  If you don’t, you’re turning your back on that coupon.

A Health Savings Account allows you to set aside funds to use for those out-of-pocket expenses.  Where does the discount come into play?  You don’t pay income taxes on the money used to fund the account.  Depending on where you fall within the tax brackets for your highest marginal rate, that can amount to significant savings.

Not everyone liked the idea of HSA’s when they were originally introduced.  Some people argued that they were inequitable, would drive up the price of insurance and were just generally a horrible idea.  But love ‘em or hate ‘em, they’re here now and it makes sense to use them if you can.

That’s why just about everyone who has ever thought about medical expenses for more than five minutes recommends HSA’s.

Certified Financial Planner Allen Goldfarb succinctly states the smart argument in favor of participating in a Health Savings Account program:

I would go ahead and sign up for your company’s health savings account which will enable you to pay for certain medical expenses on a pretax basis. Any monies not used in this calendar year can be rolled over and continue to be used in future years.

Barbara O’Connell of WhereToFindCare.com echoes those sentiments, listing HSA’s as one of her preferred tips for controlling health care expenses:

Take advantage of Health Savings Accounts, or flexible spending accounts. If you have ongoing medical expenses, these accounts can save you money by allowing you to avoid paying income taxes on dollars spent on qualified health expenses.

I’m guessing that many of you who aren’t using an HSA aren’t skipping out because you think it’s a rotten deal.  The explanation more likely stems from complacency and/or procrastination.  It’s something you know you should do.  It’s something you’ve been planning to do.  It’s just not something you’ve actually done!

Well, this is a very good time to get the ball rolling or to escalate your involvement.  There are two reasons why you should get busy today if you don’t already have things set up.  Both stem from the fact that it’s already December!

Open enrollment periods for many employer-provided health coverage plans occur in December.  In other words, if you don’t make something happen quickly, you may be out in the cold, missing your health care savings “coupon” opportunity for another year.  In an Associated Press piece, Eileen AJ O’Connelly notes that some programs have already shut the window for 2010, but many of you may still have time to hop aboard the HSA express if you act quickly.

The Fort Worth Business Press provides another compelling reason to get your Health Savings Account situation squared away before you start using that 2010 desk calendar.  Taxes.  With another year almost in the books, the clock is ticking to find ways to reduce your 2009 tax exposure.  HSA involvement might help you out.  The article explains that, “If you become eligible to make health savings account (HSA) contributions in December of this year, make a full year’s worth of deductible HSA contributions for 2009.”

There are some things that are a good idea for some people some of the time.  Then there are things that are a good idea for many people most of the time.  HSA’s are one of those rare things that are a good idea for just about everyone almost always!  Unless you have a rare set of circumstances that dejustify HSA involvement, it’s time to get things started.