General Question

bkburbo's avatar

What are your thoughts on health savings accounts (HSAs)?

Asked by bkburbo (251points) September 15th, 2008

Pros/cons? What are everyone’s experiences?

Observing members: 0 Composing members: 0

10 Answers

Bri_L's avatar

At my ex-company they had healthsavings accounts and ppos. They contributed the same amount to both. Single people actually had their health savings account filled for them without ever having to make a contribution and never had to make a co-payment. If they chose the PPO they would have had to do both. They basically got completely free health care.

allengreen's avatar

The question I have that may help the questioner as well is, can you get back money deposited in an HSA and not used? Or do you lose it if not used?

jsc3791's avatar

No, it never goes away, even if you change employers. It is basically a mini tax shelter. It accrues interest and can be used for an qualified health expense, including things from surgery to over the counter medicines.

Bri_L's avatar

That is right. Its very very very cool

augustlan's avatar

BUT, if you never spend it, you never get it back, right?

Bri_L's avatar

What are the odds of you going through life, retiring and never having to use the money?

And I believe you can get it back under the some penalty.

bkburbo's avatar

To clarify my question, I’d like to hear your thoughts on an HSA which has been filled by the employer to meet the deductible (on a high-deductible plan), thereafter requiring 20% copayment, versus a traditional insurance plan, whereby you pay 20% copayment up-front (with the exception of like 10 $15 co-pay doctor visits). With an HSA the money is portable and can be used for COBRA payments if you are unemployed, but the flip-side is that you are less inclined to spend the money in the account for preventive care visits… right? Thoughts?

Bri_L's avatar

Right. A Health Savings Account. If you don’t use that money. it is yours. it stays in there. and you add to it. you don’t lose it.

Cobra is just and extension of your participation of your healthcare program if you lose your job. I am not sure how what you say applies. If your account is full and you leave its full. Your account is yours. Unless there is some kind of membership fee I never heard of.

pathfinder's avatar

That is handy accunt is good to have I thing for any sort of cover.I don t know anything about HSAs but what I do know is that for payment is lesscost.I own one witch cover my travel insurance and helth plas some extra stuff.

ckinyc's avatar

can freelancers get their own?

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