HSA Accounts

[Damocles]

Mine sucks. I have to save up to $6,000 grand to meet deductibles and the coverage has serious cap limits, exclusions for pre-existing conditions. I'm still paying off about $5,000 in debt from my wifes accident when the company first switched over to the HSA and I only had several hundred dollars in it.

HSA's are great for insurance companies and for you as long as you never get sick or have a serious illness or injury. If you do have a serious injury or illness, then they suck.

That's what the further coverage is for. If you have coverage at a deductible level equal to the amount in your account you are doing pretty well even if you have to use the savings account.

 

[Cancel 2016.2]

Have you ever been a participant of an HSA?

I have...they suck!

for the past six years.... and I love it.

What is it that you don't like about it?

 

[Cancel 2016.2]

Mine sucks. I have to save up to $6,000 grand to meet deductibles and the coverage has serious cap limits, exclusions for pre-existing conditions. I'm still paying off about $5,000 in debt from my wifes accident when the company first switched over to the HSA and I only had several hundred dollars in it.

HSA's are great for insurance companies and for you as long as you never get sick or have a serious illness or injury. If you do have a serious injury or illness, then they suck.

My HSA account has over five years worth of deductibles in it. It continues to build over time. As I stated, if you are using the entire deductible every year, then it is not going to be as beneficial.

As for coverage, after my deductible, I am 100% covered for all catastrophic care... and 100% covered on all other expenses. My max out of pocket in a given year is my deductible. So I know exactly what my max will be.

None of that 80/20 or 70/30 split bullshit that you find with most low deductible plans. Most of them do cap max expenditures in a year as well, but all in all... you pay more for the same max out of pocket.

ALL of my contributions go in pre-tax. All of the growth in the account grows tax free (provided I use it for medical). Those assets do not expire at the end of the year.

for the same max out of pocket the low deduct plans offer, I pay about a third of the costs.

 

[Cancel 2016.2]

Cause their based on prior knowledge of ones annual medical expenditures. If you or a family member has a pre-existing condition, say diabetes, and can get this form of coverage, they rock.

I know WHAT they are for... the point is... WHY do you lose it? It is money YOU are setting aside. If you over estimate your expenses and don't use it, there is NO reason they should get to keep it. YOU should get to keep it.

 

[Topspin]

I'm older than dirt but usually only spend on tennis injuries and contacts. My wife spends a lot more due to a fused and still bad spine.

 

[Cancel 2016.2]

Mine does and it sucks. Why can't I have both a standard 20/80 plan with a tax deductable or deferable HSA?

HSA's are only good if you are healthy and need medical insurance to prevent an economic catastrophe if you contract rabies or get ran over by a Zamboni. If you have significant annual medical expenditures or you are early into your HSA before you meet the savings cap, then they suck.

I think people SHOULD be able to contribute to an HSA bank account regardless of their insurance plan type. I have written my Rep and Senators on that since the HSA came out.

You need to take a better look at those low deductible plans. You are paying typically twice to three times as much for them. When you factor that in, you are still paying out of pocket. But you don't get to keep control of that extra money should you not need it in a given year.

The window where the 20/80 plans are more beneficial is when you are under the max each year and over the difference you would have saved by the lower cost HSA. It is a narrow window that most people do not fall into on a regular basis.

 

[Bonestorm]

Obama is proposing that language be included in the reform bill explicitly stating that HSAs be included in the state exchanges under the Senate bill:

Senator Barrasso raised a suggestion that we expand Health Savings Accounts (HSAs). I know many Republicans believe that HSAs, when used in conjunction with high-
deductible health plans, are a good vehicle to encourage more cost-consciousness in consumers' use of health care services. I believe that high-deductible health plans could be offered in the exchange under my proposal, and I'm open to including language to ensure that is clear. This could help to encourage more people to take advantage of HSAs.

He hears you, SF and is responding to your concerns. He also hears you on tort reform:

My proposal also included a provision from the Senate health reform bill that authorizes funding to states for demonstrations of alternatives to resolving medical malpractice disputes, including health courts. Last Thursday, we discussed the provision in the bills cosponsored by Senators Coburn and Burr and Representatives Ryan and Nunes (S. 1099) that provides a similar program of grants to states for demonstration projects. Senator Enzi offered a similar proposal in a health insurance reform bill he sponsored in the last Congress. As we discussed, my Administration is already moving forward in funding demonstration projects through the Department of Health and Human Services, and Secretary Sebelius will be awarding $23 million for these grants in the near future. However, in order to advance our shared interest in incentivizing states to explore what works in this arena, I am open to including an appropriation of $50 million in my proposal for additional grants. Currently there is only an authorization, which does not guarantee that the grants will be funded.

I suppose this will make you take a second look at your opposition to the plan, right?

 

[Cancel 2016.2]

Obama is proposing that language be included in the reform bill explicitly stating that HSAs be included in the state exchanges under the Senate bill:



He hears you, SF and is responding to your concerns. He also hears you on tort reform:




I suppose this will make you take a second look at your opposition to the plan, right?

No. While I approve of the fact that Obama is willing to consider doing so, at this point, the HSA is NOT a part of the Senate Bill, which is the only one that has a shot at passing.

In addition, this current plan raises the deficit and does not address costs.

Obama saying he will 'consider' something is good, but it is not a part of the 'plan' as long as it is not a part of the BILL.