Health Savings Account-Health Savings Account Info

golf_grill_blues asked:


Our company is changing health coverage to Health Savings Accounts. This will require individuals to maintain records themselves and store them for some time till you have enough money in the account to pay for them. Is there some way to save the receipts digitally at the point of purchase so to have the receipts. Would a Cell phone picture do this or is there a portable scanning device that you could use to scan the receipt to a pdf that you can store on your computer?

Zenobia Sandoral

scorpiomaj27 asked:


Simple question. There are all kinds of special accounts for saving for retirement, school for your kids, school for you, health, is there anything tax-preferred or generally better for saving for a home downpayment?

Todd Baier

radioactive_babywipes asked:


Let’s say that I sign up for a HSA through my employer and later on I figure out that it is not a good deal for me. Can I cash out the plan just like a savings account? I was told two things…1. That the money stays in the account forever and you can’t use it on anything else aside from health/medical related expenses. 2. That you could cash the HSA out similarly to a 401k or IRA but take the penalty and also pay the taxes on it.

I don’t mind the 2nd option, but the first is the problem. I figured the HSA would be very similar to a regular savings account except you can only use it for medical expenses, but I really need your help in figuring out HSA’s and the do’s and don’ts.

Felipe Morales

Ax asked:


Hi,

Is it logical to keep my current individual health insurance while taking on the health insurance provided by my law school? I explain the circumstances below.

I was recently self-employed and had a health insurance policy with a high deductible, a health savings account, and excellent coverage. For insurance, it is relatively cheap, but it still adds up.

However I am about to begin law school. My mom’s friend, who works in the insurance industry, recommends that even if I decide to take the insurance from the law school, I should keep my current insurance. He explained that if a horrible thing occurred, my law school insurance would cover me, but when I graduate it would become difficult to find a new insurance plan that would cover a preexisting condition. Maintaining my current individual plan guarantees me coverage for life.

However when I graduate law school I will probably go (like 95% chance) onto a clerkship. After that I will do a corporate job to pay back debt for law school. I believe this means guaranteed health insurance for at least two years after school.

Also the HSA, health savings account, of my individual plan does not work while I have the law schools insurance plan.

I’d like to take on the law schools plan bc the the individual plan has a very high deductible, and I like the convenience of getting health care on campus.

So again, does it make sense to shell out the extra money for my own individual insurance plan while taking the law schools insurance? Are other people maintaining individual coverage while their company or school provides health insurance?

Forest Adelizzi