Health Savings Account-Health Savings Account Info

Michelle asked:


My daughter and I are covered by my husband’s health insurance through his employer. We have a High Deductible Health Insurance Plan and contribute to a Health Savings Account through my husband’s payroll deduction.

Through my employer, I have only elected to have Vision coverage. So, can I set up a Flexible Spending Account through my employer and contribute through my own payroll deduction? I’m asking b/c I would like to have an FSA to pay for my daughter’s daycare expenses so that I may take advantage of the tax benefits of doing so. Thanks!

Earnest Majer

GREAT_AMERICAN asked:


Anyone who pays even the slightest attention to the health-care debate in this country probably knows that there are “44 million uninsured Americans.” The figure was all but shouted from the rooftops during the recent Cover the Uninsured Week. It is standard boilerplate for John Kerry’s stump speeches. Hillary Clinton, in her recent screed, was unwilling to round off the number: “Some 43.6 million Americans are uninsured, and the vast majority of them are in working families.”

The existence of the 44-million figure is a tribute to Benjamin Disraeli’s quip that “there are three kinds of lies: lies, damned lies, and statistics.” If one accepts the Current Population Survey’s numbers (the source for the 44-million statistic), there are in fact closer to 35 million uninsured Americans. Over 20 percent of the uninsured in this country are not citizens.

Yet there is good reason to be skeptical of the CPS’s numbers. The CPS is intended to measure the number of people who have been uninsured for an entire year. One problem with the CPS statistic is that it includes both those who are insured for a short time and those who are chronically uninsured (defined as being uninsured for at least a year). Many people go without insurance for a few months often as the result of being between jobs. The CPS statistic of 44 million does not make that distinction.

Another drawback is that CPS asks respondents to recall their insurance status over the last twelve months, increasing the probability of sampling error due to respondents’ memory lapses. Last year a paper from the Congressional Budget Office contrasted the CPS with two other surveys, the Medical Expenditure Panel Survey (MEPS) and the Survey of Income and Program Participation (SIPP). MEPS and SIPP track their respondents every few months, so the error due to memory lapse should be minimized. Interestingly, MEPS reported 31 million chronically uninsured, while SIPP reported only 21 million.

Yet even the numbers reported by the MEPS and SIPP surveys overstate the number of uninsured. Some respondents who receive Medicaid may say they are uninsured because of the stigma associated with the Medicaid program. Studies suggest that this may result in an undercounting of the insured by 12 to 15 percent. According to the CBO, “the number of non-elderly people who are enrolled in Medicaid at any time during the year could be undercounted in population surveys by about 4 to 5 million.”

Another wrinkle occurs in the definition of the uninsured. There are many people who are eligible for Medicaid but are not enrolled in the program. Some argue that they should be counted as uninsured, while others argue that they should not. The latter group seems to have the stronger case, since such people can receive Medicaid coverage retroactively for health-care expenses. At present, there is no exact data on the number of people who are eligible for Medicaid but not enrolled. The most recent study, from 1994, estimated that about 2.9 million children who were uninsured were eligible for Medicaid.

Finally, it is important to note that, according to the SIPP survey, over 18 percent of the chronically uninsured say that they have gone without insurance because either they have not needed it or do not believe in it. When the various factors are accounted for, it is possible that the true number of the chronically uninsured is 12 to15 million.

Does the actual number matter? Either way, one might object, there are still millions who lack health insurance. Actually, it matters a great deal, because those who are most likely to tout the 44-million-uninsured statistic also tend to be the advocates of wholesale reform of the health-care system, usually of the government-run variety. A larger number gives their arguments more weight.

Second, understanding the actual magnitude of the problem gives us better direction in terms of policy. Of those chronically uninsured, the vast majority are poor, but over 60 percent are under the age of 35. Thus, the uninsured may be a largely healthy population that could afford to purchase health-care in a more consumer-driven system. Indeed, many of those currently purchasing insurance with health-savings accounts were previously uninsured.

Whatever the solution, we should not let inflated statistics lead us into adopting misguided health-care policies.

Tara Camara

TWBensgirl asked:


I’m having a heck of time finding a topic, and I want to stay away from the easy ones, i.e. privatizing social security, private health savings accounts, etc.
Suggestions, resources? Thanks!

Veronica

kirunkmir asked:


if a plan offers the following…what does it mean?

Full Coverage POS with no Rx Self-Employed People and Small Business Owners

Atlantis Health Plan AM Best Rating: NR-5 Plan Type Deductible Coinsurance Office Visit
POS $0 0% $20

$558.24
Monthly Premium

No Application FeeElectronic SignatureNo Prescription Drug CoverageMaternity Coverage AvailableNot Eligible for Health Savings Account (HSA)

Does it seemtobe a good plan?

Reyes Rokus

hello asked:


John McCain Will Reform Health Care Making It Easier For Individuals And Families To Obtain Insurance. An important part of his plan is to use competition to improve the quality of health insurance with greater variety to match people’s needs, lower prices, and portability. Families should be able to purchase health insurance nationwide, across state lines.

John McCain Will Reform The Tax Code To Offer More Choices Beyond Employer-Based Health Insurance Coverage. While still having the option of employer-based coverage, every family will receive a direct refundable tax credit – effectively cash – of $2,500 for individuals and $5,000 for families to offset the cost of insurance. Families will be able to choose the insurance provider that suits them best and the money would be sent directly to the insurance provider. (This sentence was referred to in a recent untruthful attack ad by Barack Obama. Click here to read the facts.) Those obtaining innovative insurance that costs less than the credit can deposit the remainder in expanded Health Savings Accounts.

http://www.johnmccain.com/Informing/Issues/19ba2f1c-c03f-4ac2-8cd5-5cf2edb527cf.htm

Quyen Murtaugh

Zephyr is the Shiznik asked:


We just switched insurance types from typical insurance, to insurance that has a “Health Savings Account” with it, and increased prices for doctor visits, etc. My employer put $600 in the savings account, and I must put $600 more in before I’m fully covered. I’ll be covered before I have the baby, but it seems like I’ll thn only have $1200 to spend on medical bills this year. Granted, it rolls over to the next year, but once it’s gone, it’s gone. Anyone else have any experience with this? I wanted to ask the insurance guy who came to my job to explain everything, but no one yet knows I’m preggo, and I didn’t want to spill the beans until I’m out of the 1st tri. BTW, this plan is through Coventry. Thanks ahead of time for any info!!
Yes, they were quite clear on that. Not to mention that if we REALLY need money, we can withdraw from the account (which collects interest as well), though we would have to pay a %10 penalty if audited. It SOUNDS good.. but I’m afraid to run out of money!!

Lucilla Wegrzyn

Billy &Tammy P asked:


Not health savings accounts …Is there anything by the government for Americans trying to live the American Dream on a modist income.

Dave Azad

bettyboop asked:


The company I work for is suppose to match in the Hsa plan up to 25.00. Come to find out that NO $$ have been in our accounts since April not even what we contribute & the company had a meeting 3 weeks ago stating that in would be in our accounts within 2 days (sm. company I work for). Well it still is not in our accounts. The people in production were complaining to each other & a supervisor over heard one of the girls in the office talking with them & to my surprise today she got suspened for 3 days for doing that.
Any one have suggestions what I can do?

Most of us in the company are contributing & HSA says they have not sent any $$ in since April. We do not have a HR. department. The company has been known for not pay there bills. Who can I contact for more info. to try to find out where our money has gone.
CFO always says it was put in the wrong account, to drop it. It will be fixed , so he says.

Mikki Rogal

KiNG?LATiNO asked:


Flex Savings Account and Health Savings Account

Val Pardo

. asked:


1) On the war, he/she would pull troops out of 50 countries within 2 years. He would reduce the effort in Iraq and proportionally pull out from the middle east by at least 50% in the first term of office.

2) On debt & taxes, he would absolutely swear to have a fully balanced budget within 2 years, including war costs and of course not raise taxes.

3) On health care, he would encourage health savings accounts and prevent insurance companies from rejecting patients.

4) Spending saved on overseas troop pullout would be used to strengthen national security and prevent border crossings.

5) On illegal immigration, he would deport illegals that have committed crimes and fine the rest. People with US born children would not be deported.

6) Privacy and personal liberties would be like Ron Paul.

7) The candidate would be pro-choice.
Social security would be guaranteed to existing users, but new entrants would have the choice to invest privately.

9) Federal Education dept would be dismantled with all proceeds and staff going to the states. Same for dept of energy except for research.

10) EPA would be mostly dismantled except for research and setting guidelines.

11) NASA would be cut back to encourage private space ventures.
Those arnt really ron pauls views, i tried to make them apply to the democratic party as much as i could.

Rosamaria Byon