Do you or anyone you know have a High Deductable Health care plan?
@thegreatdebater (7316)
United States
October 4, 2009 6:12pm CST
These plan go by many names, they are also called Health Savings accounts (HSA), and Bush Health care. I personally have one of these, and have had so for about three years now. If you don't know what this is, it is a health insurance plan that covers you if you have a major health care problem, but everything else is priced like you have no insurance. The reason that many companies like them is that they cost the company much less than a normal insurance plan. It isn't rare for my family to spend $300 a month on drugs, when if we have a normal insurance it would cost us about $100.00. I have heard republicans talk about these plans as a great alternative to traditional health care, and that "people love them". Do you, or anyone you know have one of these plans, and what is the feed back you get/have?
1 response
@wlee9696 (595)
• United States
11 Oct 09
An HSA or health care spending account is not a health care plan. It is an account that you can put money in pre-tax. Then you have a card that you utilize to spend the funds through out the year to pay for things like physician visit deductibles and medications. The benefit of the account is you don't pay taxes on that money. They also have the same types of accounts for day care. It is a supplement to your regular health care plan not a replacement. Any money that is left over at the end of the year is forfeited - so you need to plan carefully as to how much you put in. I use the HSA and it is helpful - especially since I never seem to have any money when I need a prescription or to go to the doctor - this way I have already paid in the money via payroll deduction and I use my card for the purchase. I think what type of insurance you purchase is dependent on your needs and of course availability. I would never go with a high deductible plan - I think it's too risky. But if it's what you can afford it will at least protect you from a catastrophic illness. You could supplement the policy with an HSA for day to day expenses and health care needs and save some tax money in the process.
@thegreatdebater (7316)
• United States
12 Oct 09
I think that you are talking about something different. I forget what that is called, but I use to have one of those a long time ago. With a HSA you don't lose your money at the end of the year, it continues to the next year.
I agree that this is not the best health care in the world, and I wish that I could get a different plan, but this is what my employer has. This was a plan that was created by under Bush, and I wish that he would have went with him. The big advantage is to the employer who pays much less on these plans, but they are just a discount plan, and with health care so expensive in this country, it cost my family an arm and leg.
@wlee9696 (595)
• United States
12 Oct 09
Health care is expensive - but we all have to make choices as to what is right for us. I can't afford mine either - so we do without other things in order to be sure we are covered. When you figure out the annual costs of medications, physician visits, etc.... having a plan that costs more but covers more makes sense if you have any type of chronic health issues such as hypertension, diabetes, etc..... The HSA or Health Care Spending account has very specific government regulations as to use, amount, etc... because of the tax benefit. There are also many groups - such as professional organizations that you can purchase health care through. Look around and you might be surprised what being a member of various organizations can offer you in the way of health care. Since your family is already paying out several hundred a month in medications it would be beneficial to pay a little more for a plan with a prescription benefit to it. Even private policies can be affordable when compared to what you are already paying out of pocket. Shopping around is the best advice - not all plans are created equally. Be sure you know your plan and are comparing apples to apples.
