Can anyone tell me about HSA? Updated with more questions down below Thanks!!!

DH comes home tonight and says they just told him this evening that they changed our health plan and that we now have a large deductible and it started today???

I have a physical tomorrow and don't know if I will be able to do it or not b/c I'm not sure how it all works - the paperwork they gave us isn't clear.

It says you can roll it over if you don't use all the money in the HSA account. Does anyone know how it works if you change jobs? Do you lose it?

Message edited 12/2/2010 5:03:17 PM.

Re: Can anyone tell me about HSA?

a health spending account...i think its the same as a flex spending account.

you allocate a lump sum for the year (lets say 800) that gets loaded onto this account. Then over the course of your paychecks during the year, they deduct in equal payments pre tax this $$ that you allocated. You use the HSA accounts for dr. visits, copays, prescriptions, medical related fees, etc.

I believe it does not rollover at the end of the year, at least thats how it worked with the one I had at my former job. You use it or lose it. Im not sure what happens when you transfer jobs..i quit and i still have no idea what happened to the account of if I owe any $$.

Re: Can anyone tell me about HSA?

Re: Can anyone tell me about HSA?

HSAs are not use it or lose it. We have had one for 3 years and we keep adding to it because we have a high deductible.
it has worked out great for us.

Re: Can anyone tell me about HSA?

WE have had 1 for 2 years

Moneys tays in there

They gave us debit cards linked to the account. If I have a medical bill to pay, I just use that to pay it

Re: Can anyone tell me about HSA?

yes.
that's what we have.
Basically our deductible is $2500 for the year for a family- but all well visits are paid for in-full prior to meeting the deductible- so I would check w/ your plan if that is the case- I'm not sure if it is standard.

Basically we allocate money that is taken out pre-tax every pay period and his company also contributes to the HSA account. Unlike an FSA, you do not lose HSA $ that aren't used in a year.

What happens is when you go to the doctor, they still take your card like normal, but then when they get the explanation of benefits from the insurance company, the insurance company tells them how much they can bill you.

For instance, when DD goes to the doctor and is sick, it's usually $51.22 unless it's something more severe, like requiring a nebulaizer- then that's around $90.

Some specialists can be $$$- when DS went to the pediatric urologist the CONSULT was $280!!! A CONSULT! I was

It is sort of a pain in the arse, and you need to make sure that your doctor knows that the money is ultimately coming out of your pocket and not the insurance companies. I say that because I caught one doctor putting through bogus sick codes tacked onto a well visit so they could get more money. That works if the health insurance pays directly and the consumer has no responsibility- not so much if you go over the EOBs with a fine-tooth comb!

Re: Can anyone tell me about HSA?

Posted by Sassyz75

yes.
that's what we have.
Basically our deductible is $2500 for the year for a family- but all well visits are paid for in-full prior to meeting the deductible- so I would check w/ your plan if that is the case- I'm not sure if it is standard.

Basically we allocate money that is taken out pre-tax every pay period and his company also contributes to the HSA account. Unlike an FSA, you do not lose HSA $ that aren't used in a year.

What happens is when you go to the doctor, they still take your card like normal, but then when they get the explanation of benefits from the insurance company, the insurance company tells them how much they can bill you.

For instance, when DD goes to the doctor and is sick, it's usually $51.22 unless it's something more severe, like requiring a nebulaizer- then that's around $90.

Some specialists can be $$$- when DS went to the pediatric urologist the CONSULT was $280!!! A CONSULT! I was

It is sort of a pain in the arse, and you need to make sure that your doctor knows that the money is ultimately coming out of your pocket and not the insurance companies. I say that because I caught one doctor putting through bogus sick codes tacked onto a well visit so they could get more money. That works if the health insurance pays directly and the consumer has no responsibility- not so much if you go over the EOBs with a fine-tooth comb!

Re: Can anyone tell me about HSA? Updated with more questions down below Thanks!!!

Posted by Lillykat

Posted by Sassyz75

yes.
that's what we have.
Basically our deductible is $2500 for the year for a family- but all well visits are paid for in-full prior to meeting the deductible- so I would check w/ your plan if that is the case- I'm not sure if it is standard.

Basically we allocate money that is taken out pre-tax every pay period and his company also contributes to the HSA account. Unlike an FSA, you do not lose HSA $ that aren't used in a year.

What happens is when you go to the doctor, they still take your card like normal, but then when they get the explanation of benefits from the insurance company, the insurance company tells them how much they can bill you.

For instance, when DD goes to the doctor and is sick, it's usually $51.22 unless it's something more severe, like requiring a nebulaizer- then that's around $90.

Some specialists can be $$$- when DS went to the pediatric urologist the CONSULT was $280!!! A CONSULT! I was

It is sort of a pain in the arse, and you need to make sure that your doctor knows that the money is ultimately coming out of your pocket and not the insurance companies. I say that because I caught one doctor putting through bogus sick codes tacked onto a well visit so they could get more money. That works if the health insurance pays directly and the consumer has no responsibility- not so much if you go over the EOBs with a fine-tooth comb!

Well we have a 4K deductible and I'm a bit worried - esp when you made that comment b.c DD's ped bills like crazy and tries to get away with things.

Do you have to use a debit card? I ask b.c DD's ped doesn't take any credit cards only cash or checks only.

The plan started yesterday - but there is nothing set up for us to put money aside and it will be at least a week before they have anyone who can answer questions for us.

Since you have the money deducted once a month - I guess you are kind of screwed if you have 2 children sick the 1st month right?

Can you change the amount deducted at any time? For example can you say take $150 out and then in 8 weeks change it to 100 or 75 etc? Then change it again later in the year?

Can you make a contribution any time? Thinking of the example above - say you have $300 in the account and DD saw a doctor and the bill is $400 - can my DH contribute $100 at that point so we can take the tax deduction on that at the end of the year - or are you just screwed out of that $100?

Can you put in more than the 4k deductible? Say can I put in 5K so that if I use the 4K this year I would have 1k in there for the beginning of the year in case we get hit at that time with a large bill?

Also it includes all our prescriptions - then once the deductible is met we have a copay for them - so I went to the doctor today for a physical and I need allergy medications - am I screwed on having to pay that after tax money since they haven't set up an account yet or how does it work with medicines.

Sorry for all the questions they handed it to my DH late in the day on the day it took effect but no one in the office can answer any questions.