Health Savings Account-Health Savings Account Info

Jimmbbo asked:


On top of the “sweetness tax” reported yesterday to help pay for Obama’s health care plan, guess what?!

“On Tuesday, the Senate Finance Committee peeked into vending machines and liquor stores, company payrolls and health savings accounts, looking for a mix of tax increases and spending cuts as a way to pay for a health overhaul — which could cost more than $1.5 trillion over 10 years.

Still, it’s easy to see why the bad-habits tax was so tempting: Taxing tobacco, junk foods and alcohol could raise $600 billion over 10 years.

People who like the tax-free status of their company health benefits could be asked to ante up. Money in the pot: more than $700 billion over 10 years.

Treasure the tax benefits from your health savings account? Some experts say the accounts encourage “excess consumption” of health services — and committee Chairman Max Baucus (D-Mont.) agreed they’re worth a look. Money in the pot: $60 billion over 10 years.”

And the taxes just keep on comin!!!

http://www.politico.com/news/stories/0509/22444.html

More CHAINS WE CAN BELIEVE IN!!!

Daniel

Near asked:


Say your job comes with health-care benefits…instead of that, you could get the extra cash to put directly into your health-care savings account.

That way, if anything happens, the money stacks up, and you could pay for your own health-care directly.

Is there anything like that, and should there be anything like that around?

Eula Seibt

KC asked:


They still refuse to pay for procedures or medications. Doctors could still turn you down for a procedure that they don’t think they would be paid enough for. Either taxes would be greatly increased to pay for sick people or sick people will be ignored to keep taxes down.

I have government insurance and it’s awful. I was in an accident in between jobs and therefore in between insurances. The time I graduate and the time my unofficial 7 years with no surgery are up are very close and I’m going straight for private insurance no matter the cost, because I don’t need another doctor to take the cheep way out to mess up another body part for life.

Other countries vs the USA

http://www.youtube.com/watch?v=refrYKq9tZQ&feature=related&pos=3

Government vs Private sector

http://www.youtube.com/watch?v=QzhiG0dcwN8&feature=related&pos=0

Health Savings Accounts vs not caring what is charged

http://www.youtube.com/watch?v=Xsp_Jh5EIT0&feature=related&pos=0

Doctors competing for business
http://www.youtube.com/watch?v=E_KCLm9cekU&feature=related&pos=0

Tora Portnoff

Joe asked:


So here’s the basic story: I’ve had health insurance for my whole life, except for these past several months. Unfortunately, for me, I have fell terribly ill in this time. I don’t know where to begin with health insurance, but even worse, I have no money either. I have $750 to my name in my savings account. In the fall, I’ll be a full time student and I’ll have health insurance because of that. But, in the meantime, I need to get some coverage right now for a couple of months. Does this type of thing exist? How much money would it probably cost me (roughly). Will they do a thorough check up on my health before they give the insurance? Please, anything you can tell me about the whole process and anything else would be appreciated. I desperately need insurance, and I need to see a doctor. I’ve become so disheartened and ashamed to be an American with the health care system we have (I know that’s neither here nor there, but I figured I’d get it off my chest). Oh yeah, I am a twenty-one year old male. Please, any help will be appreciated.

Aisha Clontz

Scott B asked:


I am choosing to drop my insurance coverage completely and I am not covered by any group health insurance. However, I would still like to establish an HSA savings account for medical expenses. Can I do it?
Our current premium, the cheapest I could find, is costing us just under $5000 a year, doesn’t pay when we use it, isn’t a hdhp, and I don’t believe in going to the doctor anyway as I prefer alternative medicine. I simply want the tax deduction and the savings to use if and when there IS an accident or need for a physical for the kids. Apparently I can’t do that, though. Thanks for all the answers.

Kelly

Bret asked:


How do the deductibles work? Are they annual or once you have that amount in the account, does it carry over from year to year?

Micaela Austino

Mama asked:


that had deductible of $5000 and then only covered 30%& lifetime max wasn’t even close 2 this}

* Plan Type
* PPO
* Office Visit for Primary Doctor
* $40 Copay, deductible waived for first 3 visits/calendar year (combined with Specialist visits). Subsequent visits are subject to the deductible.
* Office Visit for Specialist
* $40 Copay, deductible waived for first 3 visits/calendar year (combined with Primary Doctor visits). Subsequent visits are subject to the deductible.
* Coinsurance
* None
* Annual Deductible
* Individual:$1,750
* Separate Prescription Drugs Deductible
* None
* Prescription Drugs
* Generic: $10 Copay
*
* Brand: Not Covered
*
* Non-Formulary: Not Covered
* Annual Out-of-Pocket Limit
* Individual:$1,750
Includes deductible
* Lifetime Maximum
* $6 Million per person
* Health Savings Account (HSA) Eligible
* No
* Out-of-Network Coverage
* Yes (Details in plan brochure below)
* Out of Country Coverage
* Yes. Paid as in-network benefits if through a WorldWide BlueCard Provider (View Details)
* Find Doctors (Search to see if your doctors are part of this plan’s network.)

Physicians

* Primary Care Physician (PCP) Required
* No
* Specialist Referrals Required
* No

Preventive Care Coverage

* Periodic Health Exam
* $40 Copay, deductible waived
* Periodic OB-GYN Exam
* $40 Copay, deductible waived
* Well Baby Care
* $40 Copay, deductible waived

Prescription Drug Coverage

* Generic Prescription Drugs
* $10 Copay
* Brand Prescription Drugs
* Not Covered
* Non-Formulary Prescription Drugs Coverage
* Not Covered
* Mail Order for Prescription Drugs
* Generic: $20 Copay
*
* Brand: Not Covered
*
* Non-Formulary: Not Covered
*
* Days Supply: 60
* Separate Prescription Drugs Deductible
* None

Hospital Services Coverage

* Emergency Room
* $100 Copay (copay waived if admitted), deductible waived
* Outpatient Lab/X-Ray
* No Charge after deductible
* Outpatient Surgery
* No Charge after deductible
* Hospitalization
* No Charge after deductible

Maternity Coverage

* Pre & Postnatal Office Visit
* Not Covered
* Labor & Delivery Hospital Stay
* Not Covered

Additional Coverage

* Chiropractic Coverage
* Not Covered
* Mental Health Coverage
* Non-severe mental illness: No Charge after deductible; Severe mental illness: $40 Copay, deductible waived for first 3 visits/calendar year. Subsequent visits are subject to the deductible.

Claire

Samuel asked:


I need to diversify my portfolio, and one thing I lack is any exposure to health/medical/biotech.

I need a stable company with a decent dividend. I was thinking PFE because it’s at a pretty low price with a 7% yield. I like CELG and DNA, but I really want stocks with dividends.

*Note: my IRA is in diversified index funds. This portfolio I am addressing is a different discretionary account I use for “fun”, where I seek stable values and decent yields to compete with savings accounts.

Granville Bertinetti

KittyCatFishApe asked:


Have you heard about government controled medicine…?
the left thinks it is sooo grand!!

i can come up with a million reasons to keep the government out of my pockets!
can they think of one?

Europeans are now learning some hard facts of life about socialized medicine: there’s no such thing as a free lunch. The question is whether Congress will learn from Europe’s mistakes as it takes the next steps in reforming the American health care system.

For many years advocates of government-run health care pointed to Europe as an ideal, noting that America was the “only industrialized country without a national health care system.” Now, however, the European welfare states are slashing benefits in the face of rising health care costs.

A recent front-page story in the New York Times detailed the European cutbacks. According to the article, Britain, France and Germany are all being forced to limit access to care. Rationing, already extensive, is increasing.

The Europeans have run into a very simple economic rule. If something is perceived as free, people will consume more of it than they would if they had to pay for it. Think of it this way: if food were free, would you eat hamburger or steak? At the same time, health care is a finite good. There are only so many doctors, so many hospital beds and so much technology. If people overconsume those resources, it drives up the cost of health care.

The same problem is besetting the American health care system. The vast majority of American health care is not directly paid for by the person consuming those goods and services. Instead, a third party, either the government or an insurance company, pays the bill.

Medicare is exhibit one. Medicare beneficiaries pay almost nothing out of their own pockets for health care. Under Medicare Part B, for example, the deductible is an absurdly low $100. (There is, however, a 20 percent copayment.) The deductible under Part A is higher, $716 on the first 60 days of hospital care for each spell of illness. There is also a copayment required for hospitalization of longer than 60 days. However, nearly 70 percent of the elderly have some form of “medigap” insurance that covers all or part of the deductibles and copayments.

Thus, recipients have little incentive to be good consumers and avoid unnecessary expenses or seek the best deal for their dollar. Guy King, former chief actuary for the Health Care Financing Administration, says that third-party payment is one of the primary causes of the rapid growth in Medicare expenditures. As King explains, “When people, either patients or doctors, are spending other people’s money, they do not worry about the cost or number of services consumed.”

The establishment has responded to this problem by trying to force seniors into managed care, thereby allowing insurance companies to ration care. But managed care does not change the underlying incentive structure created by pervasive third-party payment. Any reduction in costs is achieved by limiting access to treatment.

A report by the Department of Health and Human Services’ inspector general found “pervasive” quality problems throughout managed care programs for Medicare, including difficulties in gaining access to care. Managed care programs are significantly less likely to use diagnostic tests, such as MRI and CAT scans, than are fee-for-service plans. Doctors report that managed care organizations pressure them to save money even at the cost of quality. One-third of doctors surveyed by the American Medical Association in 1988 stated that patients were harmed by delays or nontreatment as a result of managed care.

Although the election season has temporarily taken Medicare off the table, the issue will be back to haunt the president and Congress next year. Indeed, the most recent report of the Medicare system’s Board of Trustees warns that the program faces bankruptcy in just five years.

The question is whether we will recognize the problems of third-party payment and restore consumer incentives by increasing deductibles and allowing recipients to choose medical savings accounts or follow the European example and ration the health care that our seniors depend on.

Geoffrey Keyl

Miz Mafiosetta?sTHE REAL BOSS asked:


that had deductible of $5000 and then only covered 30%& lifetime max wasn’t even close 2 this}

* Plan Type
* PPO
* Office Visit for Primary Doctor
* $40 Copay, deductible waived for first 3 visits/calendar year (combined with Specialist visits). Subsequent visits are subject to the deductible.
* Office Visit for Specialist
* $40 Copay, deductible waived for first 3 visits/calendar year (combined with Primary Doctor visits). Subsequent visits are subject to the deductible.
* Coinsurance
* None
* Annual Deductible
* Individual:$1,750
* Separate Prescription Drugs Deductible
* None
* Prescription Drugs
* Generic: $10 Copay
*
* Brand: Not Covered
*
* Non-Formulary: Not Covered
* Annual Out-of-Pocket Limit
* Individual:$1,750
Includes deductible
* Lifetime Maximum
* $6 Million per person
* Health Savings Account (HSA) Eligible
* No
* Out-of-Network Coverage
* Yes (Details in plan brochure below)
* Out of Country Coverage
* Yes. Paid as in-network benefits if through a WorldWide BlueCard Provider (View Details)
* Find Doctors (Search to see if your doctors are part of this plan’s network.)

Physicians

* Primary Care Physician (PCP) Required
* No
* Specialist Referrals Required
* No

Preventive Care Coverage

* Periodic Health Exam
* $40 Copay, deductible waived
* Periodic OB-GYN Exam
* $40 Copay, deductible waived
* Well Baby Care
* $40 Copay, deductible waived

Prescription Drug Coverage

* Generic Prescription Drugs
* $10 Copay
* Brand Prescription Drugs
* Not Covered
* Non-Formulary Prescription Drugs Coverage
* Not Covered
* Mail Order for Prescription Drugs
* Generic: $20 Copay
*
* Brand: Not Covered
*
* Non-Formulary: Not Covered
*
* Days Supply: 60
* Separate Prescription Drugs Deductible
* None

Hospital Services Coverage

* Emergency Room
* $100 Copay (copay waived if admitted), deductible waived
* Outpatient Lab/X-Ray
* No Charge after deductible
* Outpatient Surgery
* No Charge after deductible
* Hospitalization
* No Charge after deductible

Maternity Coverage

* Pre & Postnatal Office Visit
* Not Covered
* Labor & Delivery Hospital Stay
* Not Covered

Additional Coverage

* Chiropractic Coverage
* Not Covered
* Mental Health Coverage
* Non-severe mental illness: No Charge after deductible; Severe mental illness: $40 Copay, deductible waived for first 3 visits/calendar year. Subsequent visits are subject to the deductible.
LIFETIME MAX 6 MILLION PER A PERSON
162 MONTHLY COST

Andres Hottel