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What is a Health Savings Account?
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photoshopbabe
wow....
Member since 5/07 2197 total posts
Name:
linda
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What is a Health Savings Account?
TIA!!!
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Posted 5/8/09 11:02 AM  |
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JBooth
LIF Infant
Member since 8/08 306 total posts
Name:
Jenn
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Re: What is a Health Savings Account?
I think it's the same as a flexible spending account -- money is taken out of your paycheck every paycheck and deposited into an account that you can use for prescriptions, co-pays, things the ins. co doesn't pay for (if you have an 80/20 plan, for example, where you are responsible for 20%), or contacts, otc meds, etc.
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| Posted 5/8/09 11:06 AM |
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ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
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Re: What is a Health Savings Account?
It's similar to flexible spending in that it takes pre-tax dollars out of your paycheck.
Some differences though are that it's only available to people enrolled in high deductible health plans and the balance rolls over from year to year.
Here's the link to Wikipedia - it's the best explanation I found (I work in insurance and needed additional info on HSAs)
Link
Message edited 5/8/2009 11:33:56 AM.
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| Posted 5/8/09 11:32 AM |
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Phyl
R.I.P. Sweet Mia ♥
Member since 5/06 28918 total posts
Name:
The Mystical Azzhorse! ™
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Re: What is a Health Savings Account?
Posted by ali120206
It's similar to flexible spending in that it takes pre-tax dollars out of your paycheck.
Some differences though are that it's only available to people enrolled in high deductible health plans and the balance rolls over from year to year.
Here's the link to Wikipedia - it's the best explanation I found (I work in insurance and needed additional info on HSAs)
Link
The above is true for the HSA.
We just got the HSA and to me the health plan basically gives you 1 well visit with the basic yearly tests and the rest you pay a discounted rate until you hit your deductible of $3000 single 0r $6000 family I basically call it our catastrophic health insurance plan!
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| Posted 5/8/09 11:50 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: What is a Health Savings Account?
Posted by JBooth
I think it's the same as a flexible spending account -- money is taken out of your paycheck every paycheck and deposited into an account that you can use for prescriptions, co-pays, things the ins. co doesn't pay for (if you have an 80/20 plan, for example, where you are responsible for 20%), or contacts, otc meds, etc.
yes. It also reduces your taxable income (like a 401(k)). Because of that you are using pre-tax dollars for medical expenses that are not covered by your plan just like the premiums for the coverage.
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| Posted 5/8/09 12:04 PM |
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