HSA (Health Saving Account)

[dukmisr2005]

what you guys in the insurance world know about these things... we looking at going to them at work.. they will help start off the funding..

its pre-tax money
no tax if used on medical
money rolls over year to year

what else is there??

[MemphisStockBroker]

Its a good deal, especially if you do not go to the doctor much.

It is used in conjunction with a high-deductible health insurance program. The HSA funds are used to pay the deductible. If the money builds up, you can withdraw it at retirement...

[weimhunter]

Yea it works great and for the right folks it saves some money. I got a plumber who has one for himself and family and they have not been to docter in 4 years. He has a nice chunk of change in his account.

[dukmisr2005]

i knew they were good deals for most if you dont get sick alot...

another question: would you do it on young kids (5 and 8, girls)??
would that be addtional deductibles and HSA to fund?? or depend on the policy??

[Doc & Nash]

My HSA at work must be used in its entirety each year or you loose it. I have only utilized it once and that was when we knew we were going to have braces to deal with that year.

[stang67]

i knew they were good deals for most if you dont get sick alot...

another question: would you do it on young kids (5 and 8, girls)??
would that be addtional deductibles and HSA to fund?? or depend on the policy??

Usually the deductible is much higher for plans that offer an HSA versus those that don't. It's a gamble really.

For a family, a common scenario for an insurance plan that included the HSA would be a $2k deductible, but the employer contributes $1k-$2k to the fund. Generally copays and other out-of-pocket med expenses may be more for this type plan to. If you don't use it, it's free money, though.

The only way to make the perfect decision 100% of the time is to know how much you'll go to the doctor next year.

[dukmisr2005]

we are looking a a $5k deduct plan and employer doing 50% in year 1 and a smaller % year 2 or some sort of match in year 2 to start the funding...

right now my wife has her ins. through her work and kids under her... my girls do have allergies and take claritin,zyrtec or singular on an almost daily basis... the oldest is having tubes put and adnoids out this friday.. she has some hearing trouble from it with fluid behind the ears.. hope the tubes work and corrct this... she doesnt have hearing loss as of yet (or its very minor) the fluid has everything muffled like you sticking your fingers in your ears...

[mozbornj]

I have an HSA and both my kids 10 and 7 have HSA's, with $2500 deductible major medical plans. My wife has employer paid insurance. I contribute the max for all of ours which is $9k a year. Been doing it for 2 years, so I may slack off for a year or 2. I am lucky my kids don't get sick, in fact haven't been to the doc other than checkups and shots in 3 years.
I use it to pay for my glasses and all our dental visits. Works out great for us.
At least I get to keep a little more money from OBAMA for now anyway.

[greenheadrckr]

we are looking a a $5k deduct plan and employer doing 50% in year 1 and a smaller % year 2 or some sort of match in year 2 to start the funding...

right now my wife has her ins. through her work and kids under her... my girls do have allergies and take claritin,zyrtec or singular on an almost daily basis... the oldest is having tubes put and adnoids out this friday.. she has some hearing trouble from it with fluid behind the ears.. hope the tubes work and corrct this... she doesnt have hearing loss as of yet (or its very minor) the fluid has everything muffled like you sticking your fingers in your ears...

If it was me, I would leave your kids on your wifes insurance especially if you are seeing future problems.

I have the Health Fund with my employer, which is great for just myself because I never go to the doctor.

However my wife goes to the doctor seems like every week. A few years ago when she became temporarily unemployed I had to put her on my Healthfund. Long story short, she wound up in the ER one day and ate up the Health Fund which only covered half of the deductible. And if your deductible is not paid you are responsible for 100% of the medical bills.

Needless to say I will be paying on those till the day I die. Fortunately she got another job with her own insurance.

[Deltaquack]

My HSA at work must be used in its entirety each year or you loose it. I have only utilized it once and that was when we knew we were going to have braces to deal with that year.

A lot of them are that way. Most of them that I know of you have to use it or lose it. If you do get to keep it from year to year and never use it.......you have to pay taxes on it when you plan on taking it out for non-medical expenses.

[Deltaquack]

[/quote]If it was me, I would leave your kids on your wifes insurance especially if you are seeing future problems.

I have the Health Fund with my employer, which is great for just myself because I never go to the doctor.

However my wife goes to the doctor seems like every week. A few years ago when she became temporarily unemployed I had to put her on my Healthfund. Long story short, she wound up in the ER one day and ate up the Health Fund which only covered half of the deductible. And if your deductible is not paid you are responsible for 100% of the medical bills.

Needless to say I will be paying on those till the day I die. Fortunately she got another job with her own insurance.[/quote]

You are responsible for 100% of your deductible......not 100% of the medical bills. Say, you have a 1000 deductible and have only paid 500 of it........they'll put the first 500 on the bill and then the rest is covered at whatever percentage your insurance plan covers. For instance, say your ER bill was 2500 and you had a 1000 deductible and had paid 500 of your deductible already and say your insurance covers this service at 80%. You'd owe 500 plus 20% of 2000 for a total of $900.

[greenheadrckr]

If it was me, I would leave your kids on your wifes insurance especially if you are seeing future problems.

I have the Health Fund with my employer, which is great for just myself because I never go to the doctor.

However my wife goes to the doctor seems like every week. A few years ago when she became temporarily unemployed I had to put her on my Healthfund. Long story short, she wound up in the ER one day and ate up the Health Fund which only covered half of the deductible. And if your deductible is not paid you are responsible for 100% of the medical bills.

Needless to say I will be paying on those till the day I die. Fortunately she got another job with her own insurance.[/quote]

You are responsible for 100% of your deductible......not 100% of the medical bills. Say, you have a 1000 deductible and have only paid 500 of it........they'll put the first 500 on the bill and then the rest is covered at whatever percentage your insurance plan covers. For instance, say your ER bill was 2500 and you had a 1000 deductible and had paid 500 of your deductible already and say your insurance covers this service at 80%. You'd owe 500 plus 20% of 2000 for a total of $900.[/quote]

Yea, but not if your wife or kids use up all of the healthfund on OB visits, Dr. visits, or prescriptions before something major happens. If something happens between the time your fund is depleted and the time it renews you are screwed.

It all depends on what type of situation you have. Like I said it's good for myself because I've been to the Dr. once in the last 10 yrs., but family coverage SUCKS especially if they regularly visit the Dr.

Don't know about others plans, but if I was to have family coverage the deductible doubles from $2000 to $4000.

[Nitro Mag]

I think HSAs rollover if you dont use the money. FSA (Flexible Spending Accounts) are the ones if you dont use the money every year you lose it. Not positive on this but I did stay at a Holiday Inn Express last night.

[MemphisStockBroker]

I think HSAs rollover if you dont use the money. FSA (Flexible Spending Accounts) are the ones if you dont use the money every year you lose it. Not positive on this but I did stay at a Holiday Inn Express last night.

You are correct. FSA are also known as cafeteria plans. If you dont spend it you loose it. Those funds can be used for a variety of things, like childcare...

HSA's are a different animal...