Health Savings Account-Health Savings Account Info

Derek asked:


I am writing to get experiences from people who are using HSA’s. From what I gather so far:

1) You have a monthly premium with a deductible (usually large) that you must pay out of pocket but it seems like once this deductible is met then *all* expenses are picked up by your provider. Is this true?

2) Does the deductible “reset” every year, meaning if there is a condition I am being treated for do I have to start paying again next year?

3) How does the program compare to HMO’s & PPO’s in your opinion?

4) Am I limited to choosing in-network providers when I select an HSA – similar to HMO – or can I go with anyone until the deductible is met and afterwards?

5) Are there other benefits to using these? Faster service perhaps? Choice of doctors perhaps?

6) Any disadvantages compared to HMO/PPO’s?

7) If you are using HSA benefits (meaning you’re being treated, not just paying $) and recommend your plan, please tell me.

Thanks.
Note: web links generally do *not* answer these questions as they are geared towards *individual* experience with HSA’s and the health plans associated with them.

Marie

matt l asked:


My company is switching to a high deductable hsa. I will be getting individual coverage. I’m wondering what the pros and cons are for me. I know my company will be saving a lot of money. Right now I have an 80/20 plan.

Renata Racette

Sally M asked:


I left a company 14 months ago. I was signed up for a transit savings account (like the health care savings account). I have repeatedly called trying to get them to stop putting money in the account. Since they are putting money, I cannot have my new company put money in (only one company can). I got them to stop for a couple of months, but they started up again. I am afraid that they are going to come after me and make me pay back in after tax dollars. How can I get them to stop? I am using the money because I do not want this old company to make me lose my tax savings. I am more than willing to pay back the money with before tax money, but if it is years later, will that be possible? Hard to believe that a MAJOR bank can be so screwed up that they do not know who works there and who they are paying benefits to.

Fransisca Milanese

pohustla asked:


I have achilles tendonitis and plantar fasciitis that developed while working a job where I was constantly on my feet. I have tried stretches with little improvement. I would like to try a night splint but I’m tight on funds. I have an HSA that I could use but I want to make sure I don’t get a tax penalty.

Could I just purchase one over the counter or on the internet, or do I have to get my doctor to prescribe one or order it for me in order to be able to use my HSA to buy it?

Vern Casavez