Health Savings Account-Health Savings Account Info

Chekka N asked:


Hi all there

Recently there are announcements going on tax rebtes of $600. What I didn’t understand is the “Contributions to IRA and 401(k) retirement accounts and health savings accounts would not count toward the income limit”. Lets say I have income $85000 for 2007. I did contribute $12000 to 401(k) for year 2007. Is I am eligible for the rebate as there is a cap on these rebates exceeding $75000.
W(2) form will have the 401(k) money deducted from your salary and the obtained amount will be reported.

Ping Eberling

Lisa asked:


I worked at a job who had a ppo insurance plan. October 30th I started a new job with a high deductable health savings plan. The plan has a 1,050 deductible, after that everything is paid for. My company gives a contribution of $800 a year, but since I started in October I only have $136 in my health savings account.
Well then I got sick and had to see a dr. I just paid for it because I didn’t see the need to deal with it. Then I had a severe allergic reaction to the medication and had to return two more times, with IV’s and other expensive what nots. Then I got home and discovered I was still covered by my old employer’s insurance until November 30th. I called the clinic and had them file the claims with that insurance seeing as how it benefited me better that way (at this point I had also given them my current employers card seeing as how the deductable was getting there). They refunded my money, but I’ve heard this was the wrong thing to do. What am I supposed to do??

Rolland Feild

Mark B asked:


Derek just got into an accident while skiing, and he needs hospitalization and post hospital recovery. Every week he is in recovery is a week’s salary he loses. He has three options for treatment:

Option 1 has $2,000 of hospital costs and a one-week recovery period with one doctor’s visit.

Option 2 has $1,500 of hospital costs and a two-week recovery period with two doctor’s visits.

Option 3 has $1,000 of hospital costs and a four-week recovery period with four doctor’s visits.

7.1. Derek might have any of a number of different kinds of health plans. Which kind of health plan would make him most likely to choose option 1?

A. An HMO plan with zero copayment

B. A PPO plan with a 20% copayment

C. A high-deductible plan that accompanies a Health Savings Account

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Derek just got into an accident while skiing, and he needs hospitalization and post hospital recovery. Every week he is in recovery is a week’s salary he loses. He has three options for treatment:

Option 1 has $2,000 of hospital costs and a one-week recovery period with one doctor’s visit.

Option 2 has $1,500 of hospital costs and a two-week recovery period with two doctor’s visits.

Option 3 has $1,000 of hospital costs and a four-week recovery period with four doctor’s visits.

7.2. Derek’s doctor might recommend one plan or another, depending on the way in which he or she is paid. Which type of doctor would be most likely to recommend option 3?

A. A doctor who works for a public health service at a fixed salary

B. A doctor who works for an HMO and is paid according to how many patients she sees per year regardless of how many times she sees them

C. A fee-for-service doctor who is paid each time he or she sees a patient

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Derek just got into an accident while skiing, and he needs hospitalization and post hospital recovery. Every week he is in recovery is a week’s salary he loses. He has three options for treatment:

Option 1 has $2,000 of hospital costs and a one-week recovery period with one doctor’s visit.

Option 2 has $1,500 of hospital costs and a two-week recovery period with two doctor’s visits.

Option 3 has $1,000 of hospital costs and a four-week recovery period with four doctor’s visits.

7.3. Consider three scenarios: (1) Derek earns $100 per week, (2) Derek earns $400 per week, and (3) Derek earns $1,000 per week. From society’s point of view, does it matter how much Derek earns when figuring out the most efficient treatment option?

A. Yes – if Derek’s salary is higher, it’s more efficient for him to have the more expensive treatment with the shorter recovery time.

B. No – it’s always most efficient for Derek to have the option that involves the least recovery time.

C. Yes – if Derek’s salary is higher, it’s more efficient for him to have the less expensive treatment with the longer recovery time.

D. No – it’s always most efficient for Derek to have the option that involves the lowest monetary cost.

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Derek just got into an accident while skiing, and he needs hospitalization and post hospital recovery. Every week he is in recovery is a week’s salary he loses. He has three options for treatment:

Option 1 has $2,000 of hospital costs and a one-week recovery period with one doctor’s visit.

Option 2 has $1,500 of hospital costs and a two-week recovery period with two doctor’s visits.

Option 3 has $1,000 of hospital costs and a four-week recovery period with four doctor’s visits.

7.4. Suppose Derek earns $1,000 per week. Suppose further that he belongs to an HMO, which is trying to minimize its monetary costs, so it is only willing to pay for option 3. The HMO claims that by doing so, it is reducing the cost of health care, which is a drain on the U.S. economy. Is this an accurate representation of what the HMO is doing in this case? (Hint: Refer to your previous answer. Is it efficient for Derek to have option 3 if he earns $1,000 per week?)

A. Yes; the HMO has reduced society’s overall cost

Y

nikkilanger asked:


I’m 19yrs old and i have no source of income i mean i have some money inmy savings account my i make no income. I’m looking for a job but havent been successful but right now i need health coverage and my sister is on medicaid and its free for her is that because she has kids? Can i get the same coverage as her?

Demetrius Lamoureux

Ashley G asked:


My husband’s company went to a high deductable health savings account. I can only get one company to insure me, on an indiv. policy. They are too expensive and that does not include maternity coverage. Due to other health issues, I am not able to work right now. Any ideas? HELP! Am I the only one going through this?

Booker Danuser

Brandon asked:


Here’s the stats: 24 non smoking male major medical problems and 25 non smoking female no major medical problems.

I’m going into business for self and need health insurance coverage. I want this to be as cheap as possible and essentially just cover it if something major like a wreck happens so I’m not stuck footing a $50,000 dollar hospital bill. 5k deductible is what i’m comfortable with. Also, I have heard about health savings accounts that roll over year to year. How do I go about getting one of those? Or what other suggestions do you have?
I’m sorry, a correction is that neither of us have any major medical problems. Maybe 2-3 doctor visits per year each.

Deborah

rye asked:


What exactly is an HSA? In simple terms.

I am about to graduate from college: 22, single, healthy, lean, etc, no serious conditions (just a minor, minor, MINOR heart condition).

Would an HSA benefit me? What does it do?

Rico Aidt

BINX asked:


Health Savings Account! What a sham. Everyone I know without health insurance lives paycheck to paycheck. We don’t have 1000 dollars to start one of these. Yes, I agree that in a free market, competition makes for better service. I am takling about the health of our working population, many college students,and yes, poor people. 65 MILLION! Like a new MA law, health care should be made available to EVERYONE. Without cost to those who can not afford it.

Kara

Steveo F. asked:


I was self employed for 15 years. When Medical Savings Accounts (MSAs) came out in 1997, I signed up right away with my insurer, Time (now Assurant Health). Then MSAs became Health Savings Accounts (HSAs) a few years ago and my HSA grew to an over $15,000 balance. I took a new job a year ago with a fantastic Blue Cross and Blue Shield of Illinois plan that is not a HDHP. The problem is is that my HSA with $15,000 is earning 3% at Assurant. I’d like to transfer it over to another HSA that offers brokerage services, but I can’t seem to transfer it anywhere since they always ask, “Are you covered by any other Health Plan, in addition to your HDHP, which provides any of the same benefits as the HDHP?” If so, they won’t open an account for me! Whatever HSA admin I call, the low level people always say, “Sorry, can’t do it!” It seems wacky that I’m locked into keeping my account where it is at. Is this true?

Jamie Bredeson

rmagedon asked:


Why are they against us having a choice in educating our children, forcing us to send our children to a government monopoly?

Why are they refusing to allow me to choose a funded private retirement account funded by a portion of my Social Security taxes?

Why are they refusing to allow me to have a health savings account, buying high-deductible health insurance that becomes eligible for tax-preferred savings accounts from which I will pay for my routine medical expenses?

Based on their hatred of these choices it seems they are only for choice for them but not Americans. I want less government in my life, give me that freedom.

Deja Boche