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Thread: What do you think of Health Savings Accounts?

  1. #1

    Question What do you think of Health Savings Accounts?

    http://www.examiner.com/x-11804-Heal...gs-Account-HSA

    Health Savings Accounts are the brightest idea to come out of Washington in the last few years. There is a lot of misunderstanding about health savings accounts or HSAs. Here are twelve of the best reasons to get one.

    1. A fully funded health savings account used with a high deductible health insurance plan gives you 100% health insurance coverage sometimes for half the cost of traditional health insurance.

    2. All contributions to a health savings account are tax deductible even if you spend the money during the year on medical expenses.

    3. Money deposited in your health savings account earns tax free interest.

    4. Money you deposit in your health savings account and don’t use for medical expenses rolls over year after year

    5. The money you don’t use for medical expenses during the year remains in your pocket not in the pocket of an insurance company

    6. You may pay for medical expenses not covered by your health insurance plan using pre-tax dollars from your health savings account
    Read the Complete Ron Paul Book Collection!



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  3. #2
    It sounds great until #4. My company says you USE IT OR LOSE IT at the end of the year.

    If you could roll over, awesome. But when I'm threatened of losing money since no one got sick or injured in a given year, it sucks.

  4. #3
    Quote Originally Posted by Mani View Post
    It sounds great until #4. My company says you USE IT OR LOSE IT at the end of the year.

    If you could roll over, awesome. But when I'm threatened of losing money since no one got sick or injured in a given year, it sucks.
    I'm not sure you have an HSA then. Mine works as advertised.
    My review of the For Liberty documentary:
    digg.com/d315eji
    (please Digg and post comments on the HuffPost site)

    "This political train-wreck Republicans face can largely be traced to Bush’s philosophical metamorphosis from a traditional, non-interventionist conservative to the neoconservatives’ exemplar of a 'War President', and his positioning of the Republicans as the 'War Party'."

    Nicholas Sanchez on Bush's legacy, September 30, 2007.

  5. #4
    It sounds great until #4. My company says you USE IT OR LOSE IT at the end of the year.

    If you could roll over, awesome. But when I'm threatened of losing money since no one got sick or injured in a given year, it sucks.
    Sounds like your talking about a FSA (Flexible Spending Account)

    From Wikipedia:

    Medical expense FSA

    The most common type of FSA is used to pay for medical expenses not paid for by insurance; this usually means deductibles, copayments, and coinsurance for the employee's health plan, but may also include expenses not covered by the health plan, such as dental and vision expenses and over-the-counter drugs including a first aid kit. A medical FSA cannot pay for health insurance premiums, cosmetic items, cosmetic surgery, controlled substances (in violation of federal law), or items that improve "general health". All items must be intended to treat or prevent a specific medical condition; this can be as significant as diabetes or pregnancy, or as trivial as skin cuts. Generally, allowable items are the same as those allowable for the medical tax deduction, as outlined in IRS publication 502.

    The annual caps for a medical FSA varies by employer. Unlike dependent care FSAs, there is no IRS cap on medical FSAs, but employers generally limit the annual amount each employee may contribute, in order to reduce the risk of pre-funding. Should the employee leave or be terminated and thus no longer pay in to the plan, the employer does not recapture their pre-funding from the employee's payroll deduction.

    Flexible Spending Accounts debit card allows for the automatic electronic transfer of pre-tax dollars from an employee account when paying for qualified expenses. Employees are able to receive immediate reimbursement of their medical, dependent care, and commuter expenses simply by using their card at the point of service. The normal paper claims process is eliminated, as are worries of forgotten purchases or lost receipts.
    Read the Complete Ron Paul Book Collection!

  6. #5
    Quote Originally Posted by Mani View Post
    It sounds great until #4. My company says you USE IT OR LOSE IT at the end of the year.

    If you could roll over, awesome. But when I'm threatened of losing money since no one got sick or injured in a given year, it sucks.
    Then the one year you do not participate since you lost all that money the prior year is when suddenly visits-bills accumulate.

    It would make all the difference if you did not lose it at the end of the year and it is allowed to accumulate.

  7. #6
    Quote Originally Posted by clb09 View Post
    Sounds like your talking about a FSA (Flexible Spending Account)

    From Wikipedia:
    Good call, yes, that's what we have. Medical FSA. I like the sound of the HSA better since it accumulates.

  8. #7
    I think I would need income before I consider savings.

    That said I have not seen a Doctor (other than meeting Dr. Paul ), in years.
    Liberty is lost through complacency and a subservient mindset. When we accept or even welcome automobile checkpoints, random searches, mandatory identification cards, and paramilitary police in our streets, we have lost a vital part of our American heritage. America was born of protest, revolution, and mistrust of government. Subservient societies neither maintain nor deserve freedom for long.
    Ron Paul 2004

    Registered Ron Paul supporter # 2202
    It's all about Freedom

  9. #8
    Quote Originally Posted by Mani View Post
    It sounds great until #4. My company says you USE IT OR LOSE IT at the end of the year.

    If you could roll over, awesome. But when I'm threatened of losing money since no one got sick or injured in a given year, it sucks.
    Mine is the same.



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  11. #9
    I think they are a great idea, but my state doesn't allow them.

  12. #10
    Quote Originally Posted by Bradley in DC View Post
    I'm not sure you have an HSA then. Mine works as advertised.
    It isn't the company's rule-it's a law. Your money can carry over, but the money they pitch in can't roll over.

    Ours had both. Expenses came out of the portion we couldn't carry over first, then if we burned through that we had to dip into our own.

    They're awesome.
    * Enforce Border Security – America should be guarding her own borders and enforcing her own laws instead of policing the world and implementing UN mandates.

    * No Amnesty - The Obama Administration’s endorsement of so-called “Comprehensive Immigration Reform,” granting amnesty to millions of illegal immigrants, will only encourage more law-breaking.

    * Abolish the Welfare State – Taxpayers cannot continue to pay the high costs to sustain this powerful incentive for illegal immigration. As Milton Friedman famously said, you can’t have open borders and a welfare state.

    * End Birthright Citizenship – As long as illegal immigrants know their children born here will be granted U.S. citizenship, we’ll never be able to control our immigration problem.




    Reprinted from http://www.ronpaul2012.com/the-issues/immigration/ [Nov. 29, 2011]

  13. #11

  14. #12
    I'm pretty sure you can transfer the money to another HSA without penalty and use it for non-medical reasons with some kind of penalty.
    "My pride in my country is inversely proportional to Michelle Obama's pride in her country."
    - Me

  15. #13
    I like my HSA and dislike it at the same time. It makes my stomach ill to see what things actually cost and I stress out over it. I wish everyone was on HSA or had high deductibles. It would force people to shop around for doctors and they in turn would be competing over you.

    That would be the best way to lower costs.

  16. #14
    Thanks for the video. That explained it to me very clearly. I love this idea. I know Ron Paul promoted it throughout his campaign but I just never thought of the advantages of it. Mainly the fact that it makes the consumer responsible again.

  17. #15
    Mainly the fact that it makes the consumer responsible again.
    Read the Complete Ron Paul Book Collection!

  18. #16
    I support people avoiding taxes whenever possible. And yes, people paying for their own healthcare will drive down costs, because it resolves the problem of 3rd payer, with no price based market feedback.
    “If you're on the wrong road, progress means doing an about-turn and walking back to the right road; in that case, the man who turns back soonest is the most progressive.” -CS Lewis

    The use of force to impose morality is itself immoral, and generosity with others' money is still theft.

    If our society were a forum, congress would be the illiterate troll that somehow got a hold of the only ban hammer.



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