Does anyone have a health savings account or something similar?
By kgwat70
@kgwat70 (13388)
United States
December 7, 2006 5:17pm CST
Do you have a health savings account or regular insurance through your company like a PPO or HMO? If you have a health savings account or something similar to it, do you find it better than regular insurance. What are the benefits? HSA is a tax free savings account that the company and yourself will contribute money to for any current or future medical problems. It can only be used for medical expenses they feel qualify. When you turn 65, you can use the money for any reason at all but til then it can only be used for medical purposes.
1 person likes this
2 responses
@Lydia1901 (16351)
• United States
7 Dec 06
We have a private insurance that we pay for ourselves. I wish I have that HSA, ours charges too much and doesn't give us much in return. We only have it because incase of emergency we have something that'll cover our hospital bills.
@kgwat70 (13388)
• United States
8 Dec 06
I am considering getting HSA since I am able to stay healthy most of the time and could probably save up a lot for retirement but it worries me that at anytime my health could go bad and be stuck with having to pay a lot for medication and doctors visits. My companies insurance is too high as well.
1 person likes this
@chicospagal (180)
• United States
18 May 09
I have an HSA through my employer. Whether it's better/worse than a "traditional" plan depends on each individual and/or family's situation. For me this year, it's better than paying a much higher premium for say, a co-pay type of plan. I gave birth in January, so I easily met my out-of-pocket maximum, which means the rest of my medical expenses for the year will be paid at 100%, as long as I see a provider who is in the network. If I had a co-pay plan, I would be paying much more over all between premiums and the fact that there is no max on co-pays.
It was not an easy decision though. I had to create several spreadsheets and try out different possible scenarios. Health care in general has become MUCH more complicated in recent years!
