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Millie3
LIF Adult
Member since 7/13 1280 total posts
Name:
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Re: That time of year again....health plans! Tell me about your HSA please?
Posted by Hofstra26
Posted by DaniJude
Posted by ChilisWife
The issue is that with the regular PPO plan, the premiums, deductibles and counsurance amounts have all dramatically increased. So technically if my family does not go to the doctor at all next year (except well visits which I understand are free) then we will save money even with the higher deductible HSA. But the thought of potentially paying thousands in doctor bills - as if we had no insurance - angers me a lot.
Right, I see what you're saying.
BUT -- I'm wondering, WHAT IF something happens during this year? God forbid.
Meaning, you guys are all healthy and great but if something happens or comes up and then you need to go to the doc a lot -- are you guys screwed??
KWIM??
That's EXACTLY the problem. My DS got pneumonia and because his oxygen levels were dropping so low they wanted him admitted into the hospital right away. ONE night in the hospital, oxygen, and a few doses of antibiotics and I maxed out and owed about $8K in medical bills for one illness. Just like that, $8K!! INSANITY.
Now this year, knock on wood, we've all be healthy for the most part so we've only paid out a few hundred dollars this year. But you're just one hospital visit from paying out through the nose with these high deductible plans.
Exactly. My DC ended up in emergency surgery and was hospitalized for 4 days. Just MRI, Cat Scan, and ultra sound for all the testing was thousands of dollars. Surgery and hospital stay were many thousands as well. I wound up in the hospital for a separate emergency, both situations came out of nowhere. We are very healthy people ! This year we happen to have PPO, thank God! If we were in the same plan as last year, we would be in medical debt SO over our heads. Not only do you need to meet the deductible, many times only 80% is paid once you meet that deductible.
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Posted 10/29/15 1:50 PM  |
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Millie3
LIF Adult
Member since 7/13 1280 total posts
Name:
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Re: That time of year again....health plans! Tell me about your HSA please?
Posted by ChilisWife
I guess what I dont understand is the "maxing out" - if for example the family maximum under HSA is $3000 then once you pay the $3000 in bills, isnt everything after that at no cost?
Our out of pocket max was much higher (seemed they raised it each year). Once we met the deductible (3,000 family) we had to pay 20% of every single service.
Companies like these plans because it saves them money.
Message edited 10/29/2015 1:54:30 PM.
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| Posted 10/29/15 1:53 PM |
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WannaBeAMom11
LIF Adult
Member since 1/11 7391 total posts
Name:
Name
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That time of year again....health plans! Tell me about your HSA please?
I think eventually hsa is going to be the only option. I see my company creeping that way and I'll just have to figure out how to live without my first couple of paychecks to max out my hsa so the money is in there just in case. Overall it can save more money but I just don't have it to lay it out up front.
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| Posted 10/29/15 2:10 PM |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: That time of year again....health plans! Tell me about your HSA please?
Posted by Millie3
Posted by ChilisWife
I guess what I dont understand is the "maxing out" - if for example the family maximum under HSA is $3000 then once you pay the $3000 in bills, isnt everything after that at no cost?
Our out of pocket max was much higher (seemed they raised it each year). Once we met the deductible (3,000 family) we had to pay 20% of every single service.
Companies like these plans because it saves them money.
Same here. I should clarify my plan too.
It's a TOTAL cost out-of-pocket of $8K.
$4K in deductibles
$4K in coinsurance
After that, everything is "free". 
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| Posted 10/29/15 2:11 PM |
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JennLala
LIF Adolescent
Member since 10/14 601 total posts
Name:
Jennifer
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Re: That time of year again....health plans! Tell me about your HSA please?
Posted by ChilisWife
I guess what I dont understand is the "maxing out" - if for example the family maximum under HSA is $3000 then once you pay the $3000 in bills, isnt everything after that at no cost?
With my plan, once I meet the deductible the plan pays 90% and I pay 10% co-insurance. My co-insurance counts towards the max out of pocket. Once I reach the max out of pocket, insurance pays 100%.
One of the good things about the HSA is that the money is yours tax free. For me, my firm and I both contribute. If you don't go to the doctor except for preventive care, you have time to build up some money in there to cover expenses.
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| Posted 10/29/15 2:32 PM |
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Re: That time of year again....health plans! Tell me about your HSA please?
I'm sorry to ask a stupid question, with this plan do you still pay a monthly premium? How do employers contribute?
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| Posted 10/29/15 3:01 PM |
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HeyJude
LIF Adolescent
Member since 9/07 820 total posts
Name:
p
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Message edited 11/30/2015 10:10:41 AM.
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| Posted 10/29/15 3:32 PM |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: That time of year again....health plans! Tell me about your HSA please?
Posted by LastLightGlow
I'm sorry to ask a stupid question, with this plan do you still pay a monthly premium? How do employers contribute?
Yes. Our insurance premiums are automatically taken out of DH's weekly paycheck. The deductibles and coinsurance are on top of the insurance premiums.
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| Posted 10/29/15 3:43 PM |
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Blazesyth
*yawn*
Member since 5/05 8129 total posts
Name:
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Re: That time of year again....health plans! Tell me about your HSA please?
Posted by LastLightGlow
I'm sorry to ask a stupid question, with this plan do you still pay a monthly premium? How do employers contribute?
Different per company. Some companies have a monthly premium and some do not. Same for employer contributions.
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| Posted 10/29/15 3:46 PM |
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queensgal
Smile
Member since 4/09 3287 total posts
Name:
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Re: That time of year again....health plans! Tell me about your HSA please?
Posted by LastLightGlow
I'm sorry to ask a stupid question, with this plan do you still pay a monthly premium? How do employers contribute?
Normally there is a premium. You need to look at total cost of coverage and factor in paycheck deductions and out of pocket expenses.
There are times hsa"s are better - if the premium out of the paycheck is a lot lower, company funds some of hsa, etc.
My point is, do the math and decide. It's not a black and white issue.
Companies have control (within guidelines) to set premiums, co pays, deductibles, co insurance, and Max costs. Yes, many (most/all) companies are using hsa to transfer costs to employees.
Using an hsa as a savings vehicle for retirement is not well understood. It's a powerful tool, I encourage people to explore it so they have information to make the best decision.
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| Posted 10/29/15 3:49 PM |
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ChilisWife
God Bless America
Member since 5/05 3572 total posts
Name:
A.K.
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Re: That time of year again....health plans! Tell me about your HSA please?
So basically it sounds like a crap shoot. Just a gamble based on how much money I THINK I will need to spend in medical costs. Sigh.
I get the fact that it is a savings account for MY money but in reality you cannot touch it for anything other than medical expenses until you retire, and in the meantime you lose that cash flow.
However the PPO premiums are literally over $1,000 more per year. Ugh. This all stinks. There must be a better way to control healthcare costs. Obviously the ACA did not accomplish it.
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| Posted 10/29/15 5:17 PM |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: That time of year again....health plans! Tell me about your HSA please?
Posted by ChilisWife
I get the fact that it is a savings account for MY money but in reality you cannot touch it for anything other than medical expenses until you retire, and in the meantime you lose that cash flow.
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No, no. You don't have to wait until retirement. You're allowed to access the money in your HSA at any time, at any age for any approved medical expenses. People just tend to max out their savings in there because it's basically a tax shelter and even if you end up with a lot of money in there when you do hit retirement age you'll have a nice nest egg set aside for any medical expenses you incur. But ANY money you put in there is available to you right now, always, whenever you need it.
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| Posted 10/29/15 5:21 PM |
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ChilisWife
God Bless America
Member since 5/05 3572 total posts
Name:
A.K.
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Re: That time of year again....health plans! Tell me about your HSA please?
Posted by Hofstra26
Posted by ChilisWife
I get the fact that it is a savings account for MY money but in reality you cannot touch it for anything other than medical expenses until you retire, and in the meantime you lose that cash flow.
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No, no. You don't have to wait until retirement. You're allowed to access the money in your HSA at any time, at any age for any approved medical expenses. People just tend to max out their savings in there because it's basically a tax shelter and even if you end up with a lot of money in there when you do hit retirement age you'll have a nice nest egg set aside for any medical expenses you incur. But ANY money you put in there is available to you right now, always, whenever you need it.
Yes right, but only for medical expenses. So that money is trapped when I could be using it for my mortgage! Yes it's great to have a nest egg but that's what my 401K is for. As it is I will need to reduce my 401K contributions to transfer that cash into the HSA.
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| Posted 10/29/15 8:42 PM |
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pumpkinmom
LIF Adult
Member since 5/12 2911 total posts
Name:
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That time of year again....health plans! Tell me about your HSA please?
With our HSA, as we pay towards the deductible, we pay the insurance negotiated amounts for In Network. So, it's not as bad as it may sound if you've never had it. For sick visits, we have paid approximately what a co-pay would be. But, hospital and specialist visits are expensive. And as others have mentioned, it might not be a great plan if you take prescription medicines. The premiums are still high for the HSA IMO. I wonder what they would be if we were still offered a PPO.
We haven't seen the offerings for this year yet. I just hope they are better or the same as last year.
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| Posted 10/29/15 9:27 PM |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: That time of year again....health plans! Tell me about your HSA please?
Posted by ChilisWife
Posted by Hofstra26
Posted by ChilisWife
I get the fact that it is a savings account for MY money but in reality you cannot touch it for anything other than medical expenses until you retire, and in the meantime you lose that cash flow.
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No, no. You don't have to wait until retirement. You're allowed to access the money in your HSA at any time, at any age for any approved medical expenses. People just tend to max out their savings in there because it's basically a tax shelter and even if you end up with a lot of money in there when you do hit retirement age you'll have a nice nest egg set aside for any medical expenses you incur. But ANY money you put in there is available to you right now, always, whenever you need it.
Yes right, but only for medical expenses. So that money is trapped when I could be using it for my mortgage! Yes it's great to have a nest egg but that's what my 401K is for. As it is I will need to reduce my 401K contributions to transfer that cash into the HSA.
Right, just for medical expenses. But you decide how much to contribute to your HSA. You don't have to put the full, allowable amount in. You could put whatever amount you feel comfortable with and adjust your contributions as you wish.
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| Posted 10/29/15 9:41 PM |
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newlywedT
LIF Adolescent
Member since 9/11 792 total posts
Name:
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That time of year again....health plans! Tell me about your HSA please?
Couple of questions about HSA:
Not referring to the "plan" (this plan is better or that plan is better) but just referring to a HSA account - it's a good thing right?
Because
1. its using pre-tax dollars
2. even if you don't spend it all in a year, it rolls over forever until you spend it all
3. and its stored in a debit card, so for medical payments you just charge it.
Is #1-#3 correct?
Here is one thing I'm not sure about...it can only be used for medical payments, but does it have to be MY medical payments?
For example, if my mom is getting a prescription and I happen to be there, can I use my HSA debit card to pay for her even though she has nothing to do with my insurance?
My current plan is a HSA plan, but not sure if I will stick with a HSA plan next year.
If #1-#3 is true, then should I just make 1 big deposit into the HSA account before the year is up so that I will have a bunch of pre-tax dollars to use for many years to come?
Thank you all
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| Posted 11/4/15 10:15 AM |
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Blazesyth
*yawn*
Member since 5/05 8129 total posts
Name:
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Re: That time of year again....health plans! Tell me about your HSA please?
You cannot use your HSA for someone that is not on your high deductible plan. I believe that is considered fraud and the IRS can audit for that type of thing.
There are limits to how much you can deposit into the HSA, I believe 6650 for family in 2015. 3Ksomething for single plan.
If you already have a HSA then yes you could deposit funds now pre-tax and use them in the future, to take off some of your income for 2015 taxes.
Message edited 11/4/2015 10:22:09 AM.
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| Posted 11/4/15 10:21 AM |
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clotheshorse
LIF Adult
Member since 5/12 1293 total posts
Name:
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Re: That time of year again....health plans! Tell me about your HSA please?
This thread makes me nuts & so sad about what I see people paying just out of the paycheck. I remember when employees contributed 10 maybe 15% for their medical w no deductible in network or something like that. Now it's just insane. A hit to the paycheck & high deductible BEFORE any type of coverage kicks in. I keep scratching my head wondering how this happened. Why does it seem many employers jumped on this bandwagon? ??
It also makes mentioning the cost of the health "benefits" in an interview feasible so you can decide if you can even "afford" to work there.
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| Posted 11/4/15 10:56 AM |
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WannaBeAMom11
LIF Adult
Member since 1/11 7391 total posts
Name:
Name
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Re: That time of year again....health plans! Tell me about your HSA please?
Posted by clotheshorse
This thread makes me nuts & so sad about what I see people paying just out of the paycheck. I remember when employees contributed 10 maybe 15% for their medical w no deductible in network or something like that. Now it's just insane. A hit to the paycheck & high deductible BEFORE any type of coverage kicks in. I keep scratching my head wondering how this happened. Why does it seem many employers jumped on this bandwagon? ??
It also makes mentioning the cost of the health "benefits" in an interview feasible so you can decide if you can even "afford" to work there.
My Dh actually turned down a job before we got on my health plan because when you factored in the cost of benefits he was losing money and the raise was pretty substantial he would have gotten.
I actually make somewhat decent money but I carry all the benefits so my paycheck is not that much take home.
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| Posted 11/4/15 11:06 AM |
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Lillykat
going along for the ride...
Member since 5/05 16253 total posts
Name:
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Re: That time of year again....health plans! Tell me about your HSA please?
Posted by newlywedT
Couple of questions about HSA:
Not referring to the "plan" (this plan is better or that plan is better) but just referring to a HSA account - it's a good thing right?
Because
1. its using pre-tax dollars
2. even if you don't spend it all in a year, it rolls over forever until you spend it all
3. and its stored in a debit card, so for medical payments you just charge it.
Is #1-#3 correct?
Here is one thing I'm not sure about...it can only be used for medical payments, but does it have to be MY medical payments?
For example, if my mom is getting a prescription and I happen to be there, can I use my HSA debit card to pay for her even though she has nothing to do with my insurance?
No you cannot use it for your mom but if your family is on your plan you can use it to pay your child's bills.
One thing important to ask...CAN I use the debit card anywhere as long as it is medical. Some companies allow you to, others do not. For example...we had a card but the company only allowed it to be used at major medical supply companies or pharmacies....NO doctors offices. Very annoying because they made you PAY the doctor bills out of your pocket. They claimed doctor offices did not file proper IRS forms. It would reject my debit card at the pediatrician's office. They told use no you can use it but again rejected at the eye doctor. We found that they told us the wrong information. We had to lay out the money Then submit the paid bill then they would reimburse you. Very annoying for copy's and doctor bills knowing you have the money but couldn't touch it. I had to then come up with the money, get a recipe on doctor's letterhead and then wait to see the money again. Especially when paying a very high monthly premium on top of the HD.
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| Posted 11/4/15 11:25 AM |
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newlywedT
LIF Adolescent
Member since 9/11 792 total posts
Name:
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Re: That time of year again....health plans! Tell me about your HSA please?
Posted by Blazesyth
You cannot use your HSA for someone that is not on your high deductible plan. I believe that is considered fraud and the IRS can audit for that type of thing.
There are limits to how much you can deposit into the HSA, I believe 6650 for family in 2015. 3Ksomething for single plan.
If you already have a HSA then yes you could deposit funds now pre-tax and use them in the future, to take off some of your income for 2015 taxes.
But its allowed to:
make a big deposit now (up to the limit) and next year don't get a HSA plan.
Continue to use the HSA
correct?
If so, why can't I use it for others?
Because next year I won't be on a "HSA high deductible plan"
so both I and others won't be on the plan.
Followup to that...
this year both DD and I are on the HSA plan.
Next year if I don't do HSA, I can continue to use HSA, but can DD?
Thank you
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| Posted 11/4/15 11:40 AM |
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newlywedT
LIF Adolescent
Member since 9/11 792 total posts
Name:
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Re: That time of year again....health plans! Tell me about your HSA please?
Posted by Lillykat
.
Hi,
>>No you cannot use it for your mom but if your family is on your plan you can use it to pay your child's bills.
If I decide to do a big deposit to my HSA this year and next year decide not to keep HSA.
WHO can use the HSA card?
Technically "nobody" is on the HSA plan anymore.
>>For example...we had a card but the company only allowed it to be used at major medical supply companies or pharmacies....NO doctors offices.
What the heck!! The whole point of HSA is to use it for doctor's office/medical bills.
So messed up.
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| Posted 11/4/15 11:49 AM |
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Blazesyth
*yawn*
Member since 5/05 8129 total posts
Name:
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Re: That time of year again....health plans! Tell me about your HSA please?
Posted by newlywedT
Posted by Blazesyth
You cannot use your HSA for someone that is not on your high deductible plan. I believe that is considered fraud and the IRS can audit for that type of thing.
There are limits to how much you can deposit into the HSA, I believe 6650 for family in 2015. 3Ksomething for single plan.
If you already have a HSA then yes you could deposit funds now pre-tax and use them in the future, to take off some of your income for 2015 taxes.
But its allowed to:
make a big deposit now (up to the limit) and next year don't get a HSA plan.
Continue to use the HSA
correct?
If so, why can't I use it for others?
Because next year I won't be on a "HSA high deductible plan"
so both I and others won't be on the plan.
Followup to that...
this year both DD and I are on the HSA plan.
Next year if I don't do HSA, I can continue to use HSA, but can DD?
Thank you
Q. Can I use the funds in my HSA even if I am no longer enrolled in an HSA-compatible health plan?
A. Yes, provided the funds are used exclusively for qualified medical expenses as defined by the Internal Revenue Service, the distributions will not be taxed.
Q. Only one spouse owns an HSA and a qualified HSA medical plan. Can the money in the HSA be used for either spouse (even the spouse who is not covered by the HSA medical plan) as long as the money is used for approved medical expenses?
A. At least one family member must own an approved HSA medical insurance plan in order to own a Health Savings Account. But, once a health savings account has been established, funds from the account can be used for eligible expenses for any family member.
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By family member, I think they are referring to people that you could have had on your plan. ie, spouse or child. Not your mother or great aunt Betty who would not be eligible to be on a health plan with you.
Message edited 11/4/2015 11:54:49 AM.
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| Posted 11/4/15 11:53 AM |
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jm2010
LIF Infant
Member since 8/10 241 total posts
Name:
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Re: That time of year again....health plans! Tell me about your HSA please?
Posted by clotheshorse
This thread makes me nuts & so sad about what I see people paying just out of the paycheck. I remember when employees contributed 10 maybe 15% for their medical w no deductible in network or something like that. Now it's just insane. A hit to the paycheck & high deductible BEFORE any type of coverage kicks in. I keep scratching my head wondering how this happened. Why does it seem many employers jumped on this bandwagon? ??
It also makes mentioning the cost of the health "benefits" in an interview feasible so you can decide if you can even "afford" to work there.
It's not so much that employers chose to go this route but insurance premiums skyrocketed. I see the renewal (and the negotiations) every year at my office and for 3 years in a row, our insurance proposed over 30% increases on the renewal. We were able to negotiate it down a bit but it still was a significant increase in the premium. And then the cost has to be paid by someone - my office couldn't pick up the whole cost any more. There's also not much competition in NY.
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| Posted 11/4/15 1:26 PM |
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Lillykat
going along for the ride...
Member since 5/05 16253 total posts
Name:
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Re: That time of year again....health plans! Tell me about your HSA please?
Posted by newlywedT
Posted by Lillykat
.
Hi,
>>No you cannot use it for your mom but if your family is on your plan you can use it to pay your child's bills.
If I decide to do a big deposit to my HSA this year and next year decide not to keep HSA.
WHO can use the HSA card?
Technically "nobody" is on the HSA plan anymore.
>>For example...we had a card but the company only allowed it to be used at major medical supply companies or pharmacies....NO doctors offices.
What the heck!! The whole point of HSA is to use it for doctor's office/medical bills.
So messed up.
Yup it was very frustrating with $50 co pays, $200 ER copays and $600-800 lab or dr bills. Having to front the money first when it was being taken out of your account seemed unfair as well as annoying. We made numerous calls over it and being told yes we could use it, then card being denied. Ending with the company blaming the doctors offices for not filing the correct IRS forms. They claimed it was to reduce the number of people incorrectly using the card for non medical items. Interestingly I could buy contacts at Costco with it but couldn't use it at the ER. Don't get me started. Very frustrating. Now I have a plan with a deductible before copays. Not one doctor will see me until I lay the copay. No matter how often I tell them I have a deductible. So our bills are all wrong and it is a mess. Would love a straightforward plan. Especially love the peds who send bills for like four visits in one lump amount no breakdown so you have to try to break it all up before paying it.
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| Posted 11/4/15 2:05 PM |
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