Anyone have an HSA?

[Axxman]

I am about to have an insurance open enrollment and we have switched insurance companies. The new company is touting Health Savings Accounts (HSA's.) The problem I have is that it appears I would save too much money, and I'm remembering my Fathers wise words about "If it sounds to good to be true..."

So I thought I'd ask just about the largest group of people I know if they have any experience with HSA's...especially people with kids. Any info would be appreciated.

[Scarletprayers]

They are all different, so who knows. If its like ours, if you don't do the Savings Account, you have to pay your entire deductible before your insurer pays a penny on anything else, another thing, if you don't use the entire amount up in the account by the end of the year, bye, bye money, the government gets it, you can't carry it over and take it out.

[Axxman]

They are all different, so who knows. If its like ours, if you don't do the Savings Account, you have to pay your entire deductible before your insurer pays a penny on anything else, another thing, if you don't use the entire amount up in the account by the end of the year, bye, bye money, the government gets it, you can't carry it over and take it out.

I'll check on the deductible..but for me thats not a "too big" issue. My MAX out of pocket will be $4000 and my employer kicks in $2000 of that...so I can handle the $2000 if thats what the insurer requires.

As far as the rollover...The Bush admin. made changes this year to HSA's and they DO rollover. It is a legit savings account, although the interest rates aren't gawdy. Mine is 5% and thats far better than a bank savings account. The plan is set up so that customers who stay in the HSA for multiple years can have their account grow larger than the deductible, therefore you have no exposure.

Thanks for the info. Are you sure you guys aren't in an MSA? Its a bit different than an HSA which has only been around for about 2-3 yrs since Bush signed the legislation. I only ask because I don't think MSA's rolled over..like a flexable spending account.

[Scarletprayers]

Well, I don't know................you could be right.

[Fiosh]

I am about to have an insurance open enrollment and we have switched insurance companies. The new company is touting Health Savings Accounts (HSA's.) The problem I have is that it appears I would save too much money, and I'm remembering my Fathers wise words about "If it sounds to good to be true..."

So I thought I'd ask just about the largest group of people I know if they have any experience with HSA's...especially people with kids. Any info would be appreciated.

The paperwork and record-keeping was what scared me away. I do enough of that at work!

[Axxman]

Well thats the whole point of an HSA...the insurance company doesn't get your money. The insurance company has no control over your savings account. That is one reason why the deductibles are so much higher in an HSA...the insurance company actually pays less for services. My deductible for a doctors visit will go from $20 up to $85. Specialist will go from $25 to $150. It's ALOT less money the insurance company has to pay out...because I control my money. Sounds to me like you guys are talking about the older versions of the HSA called MSA"s and Flex-spending accounts...about 3 yrs ago Bush updated those and came up with HSA's.

The biggest thing for me is that Democrats hate HSA's. So I figure there must be something good about them...lol. Its putting me in control of my money and allowing me to decide how my insurance premiums are handled, rather than the insurance company taking all my insurance premiums...and still charging me a co-pay.

I'm going to an explanatory meeting tomorrow to find out more. I'll let you guys know what I find out.