Health Savings Accounts

[curly_kate]

Does anyone have any experience with these? I'm in a situation where I might be going on DH's insurance, or buying my own, but I was thinking that it might be good to go the route of the HSA. I've about had it with the corporate medical system, so traditional health insurance won't do much for me anyway. I would rather not go sans-insurance in the event that I have something catastrophic happen. Anyone have any experience with HSAs & have advice for me?

 

[bjmstahl]

Hi Curly_Kate,

I have had a HSA for two years since my employer switch our health insurance. I like it because my employer contributes half of my deductible each year to it and I can contribute what I like up to a certain amount. I can use this for any medically related expense, except over the counter drugs unless prescribed by a doctor, and it is mine to keep indefinitely. I can even pass it on after death. It also earns interest and contributions are tax free. My husband and I use it mostly for eye glasses and copays. I'm not sure if this program applies to all HSA's. This is the only experience I have had with them.

 

[i_am2bz]

I have one, altho it's called a FSA (flexible spending account). I use mine almost entirely for Rx co-pays. Mine expires, however, so you have to use the entire amount within the benefit year (use it or lose it). I think that is pretty typical.

 

[Old Sew'n'Sew]

We have one of these HSA's for about 3 years now. It does save money because we get to keep all of the premiums to spend for eye glasses, dentist, scripts, co-pays, and even otc's until Jan. 2011, then no more otc's.

If you have major medical or chronic disorders, then the deductable for the year is $3,000.00 , we have not been able to meet it yet, so it is a good incentive to exercise and eat right, to stay healthy. I have mixed feelings about the HSA, but it does force me to spend my healthcare $$ wisely and on a budget.

 

[Dunkopf]

I have one, altho it's called a FSA (flexible spending account). I use mine almost entirely for Rx co-pays. Mine expires, however, so you have to use the entire amount within the benefit year (use it or lose it). I think that is pretty typical.

That doesn't sound like an actual HSA. It is an FSA which is basically just a plan that allows you to calculate how much you think you are going to spend out of pocket on medical stuff and the money is taken out tax free and put in an account for you to use. Of course as you said if you don't spend it you lose the money.

HSA's actually are savings plans for medical expenses.They're good if you are healthy and they are used in conjunction with a high deductible medical plan for catastrophic events. The account carries over year to year, is tax free and accumulates interest.

 

[Mattemma]

We have a HSA.Started it early this year.I use the credit card to pay doctor bills,prescriptions,and buy various OTC stuff.Our money is supposed to roll over.I am nervous to see if it does,and how much fees will be charged to have the account.We benefit in that the money gets pulled before taxes,and the employer gives an additional $10 each week to the account.

Starting next year no otc meds on the card,so I am stocking up this week.

I don't think we get interest on our money.