Health Savings Account?

[SJ.]

It is time to look at our health insurance options and this year dh wants to think seriously about the Health Savings Account his company offers. I am curious what anyone here might know about this type of option and whether it is a smart financial decision.

 

I believe this plan allows you to roll your unused money into the next year. Dh thinks, but is going to check into, that preventative care does not need to meet the deductible. Another consideration is that one of our boys takes a daily medication, visits a specialist every 3 months, and has a blood panel every 6 months.

[SJ.]

Drat, I've been spammed. Reported.

[SunnyDays]

Reported the spam posts... :glare:

 

We have an HSA account. I won't speak to your deductible or limits, because I'm pretty sure they vary by plan. We're pretty healthy, although I do take a couple medications regularly, and we've still found that it has saved us money. It is nice to have the money roll over year to year in the account. Just my two cents...

[mereminerals]

We have had an HSA account for a couple of years. We have really liked the flexibility of the funds being able to roll over each year that they aren't used in full. We first got the HSA when my husband was employed, but were able to keep it when he became self-employed.

[Tammi K]

Well, so much for reducing SPAM. :closedeyes:

[gardenmom5]

there is a limit to how much you can deposit into the account in a given year. we emptied our account for the year back in july/august. has a financial background and considers it a deal.

[Jean in Newcastle]

We have an HSA and love it. I've exceeded our maximum out of pocket expenses two different years and the insurance co. then paid 100% for everything after that. I called around and talked to different insurance companies and got all the details. Not all companies high deductible insurance plans are the same. Then I called around to banks that offer HSA accounts. I ended up finding one that I liked and that has been great for us. I was cautioned (and agree) that an HSA account isn't for everyone. If you tend to procrastinate or not take care of your finances you can get into a lot of trouble with one because you have to put money into the HSA account before you can then use it for medical expenses.

[abacus2]

I love our HSA. The new health care law does require that certain types of preventative care be covered without a deductible or co-pay even on high deductible plans with HSAs.

[Liz CA]

Don't know if this is a HSA: We are starting this in January. Dh and I decide what we think we need for our routine medical expenses for the year 2013. Then he sets the amount. They divide it over the year and take an installment out of his paychecks. We can take a card like a debit or credit card and pay for medical expenses up to the amount we have decided on.

For anything higher or catastrophic, the insurance kicks in. This is a first for us so I don't even know if this is called a HSA but what I like best is that I will be able to use it for visits to the naturopath, the dentist and chiropractor without anyone telling me I cannot go there.