Medical bills cause more bankruptcies than any other debt, even for people with insurance. Mark Kohl argues health savings accounts beat traditional insurance for covering costs and protecting retirement savings from medical expenses.
The number one reason for bankruptcy in America are medical expenses. And half of these people already have insurance. The number one reason in retirement people pull money out of an IRA or 401k are for medical expenses. If you think insurance is the holy grail of your solution for medical costs, you're crazy. So we have to take an active role in thinking, okay, how am I going to write off my medical expenses? What's my plan for the future? Because that can undermine your entire life. Want to talk about a scam? Talk about health insurance. We've got to be prepared for this. So what is one of those tools that actually I freaking love is the health savings account.
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