Health Insurance Piggy Banks

Learn about how to save money, and set money aside to create a health insurance piggy bank:

Saving some money every month:

Save some money every month to help pay for expensive health care costs. Putting money into a savings account each month can help you save at the end of the year.

  • $15/month = $180/yearly

  • $25/month = $300/yearly

  • $50/month = $600/yearly

  • $75/month = $900/yearly

  • $100/month = $1,200/yearly

Saving money with automatic transfers. A bank will move some of your money from a checking account to a savings account every month. You choose how much money is moved and you can stop it at any time. Once it’s set up, you will not need to remember to put that money aside.

  1. Decide how much you can save each month. Budget charts are very helpful with this.

  2. Go to your bank and ask to open a savings account, if you don’t have one.

  3. Ask the bank to set up an automatic transfer from your checking account to your savings account. Tell them how much to transfer each month.

Other ways to save money:

Save money from your tax refund.

  1. Put some money in your savings account for your future health.

  2. Save some for your children by opening a savings account in their name at the bank.

  3. Spend a little on yourself and your family.

If you have a high deductible health plan, you may want to open a Health Savings Account (HSA) at a local bank. You can use your HSA debit card to pay for co-pays, medical fees, prescription medicine, and long-term care. Compare 2 or 3 banks to choose the best option for you by asking questions such as:

  • “What are the fees?”

  • “How much money or interest will the HSA earn?”

  • “Is there a debit card for the HSA?”

Health Savings Account (HSA):

This is a special savings account to pay medical costs and fees. This money comes out of your paycheck before any taxes. You will need to open an HSA before you sign up or renew your health insurance coverage. If you use the money from your HSA account on non-medical fee, you have to pay a 20% penalty.

You can download a printable PDF of this information

Click the image to download a copy in English and Spanish.