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I hate mine. The deductible aspect of it is aweful.
I end up paying a couple hundred a month for it, and i still have to pay for nearly every visit i go to up to the first $2500 out of pocket.
It does get the 'repriced' figure, so it does help costs wise, but it's really only good for people who are generally healthy, or in extreme accidents/health issues like cancer/etc. Foir a rolling year to year, if you go in for a physical and maybe 2 or 3 other doc visits a year, its basically all cash out of your pocket.
Yes. I have a health savings account that I privately fund and a high deductible catastrophic health insurance plan. I've had it since the year they were first allowed (over 15 years).
You need to understand that Obamacare will destroy the type of health savings plan that I have because my high deductible plan is not allowed under it.
A health savings plan under an employer is a different animal altogether. I do not know if these too are eliminated under Obamacare or not. Do your research well and be honest about the type of medical related costs you are likely to incur.
Before Obamacare was railroaded through I would have suggested an HSA to anyone of good health under the age of 40. However, the political and fiscal geography of health insurance has since changed dramatically whether anyone wants to admit it or not.
My deductible is $5,000.00, I currently pay $166.00/mo for coverage (up $25/mo. since Obamacare passed). While I do pay out of pocket the "unallowed" charges are still adjusted off the billing and certain routine yearly exams tests are free (mammogram & OBGYN yearly pap). Additionally I am allowed to deduct my limited yearly HSA contribution from my income taxes.
I'm not of the mindset that health insurance was ever supposed to mean an entitlement to free medical treatment. People should be paying out of pocket. Insurance is just that....a plan for disaster and not for everyday.
Last edited by lifelongMOgal; 06-07-2011 at 02:20 PM..
I never participated and several at work just dropped them altogether when we had our enrollment period at work last November since the changes took effect 1/1/2011.
The changes were made to produce revenue to the government in anticipation of 2014 when the gates of "healthcare for all" are unleashed upon the masses.
Read more: How health care reform changes FSAs, HSAsHow health care reform changes FSAs, HSAs
The new law reduces the amount of money you can contribute to these accounts and shelter from Uncle Sam's reach. It also creates stricter rules about how the dollars you put away can be used. These new rules and penalties are designed to generate revenue to offset the cost of the health care reform law's health insurance tax credits and other spending.
I have one, it works great. Previously, the few times I've needed use the health care system, all was out of pocket. I never met my deductable. Now, I have a "cash" account that may be used on nearly any medical expense (glasses, dentist, prescription drugs, Lasik surgery, etc). My deductable is even higher, but the insurance plan is now what it should be, insurance against a catastrophic event. I like it, hope Booboo-care doesn't destroy it.
HSAs are an especially good deal for younger, healthy people.
I have an employer-based HSA. I like it, but it is only good to me up to a certain point and after another one. Between using up the HSA and using up the deductible, it is all out-of-pocket expenses.
That said, HSA/HDHP combinations do not solve the healthcare problem in this country... all it does is shift the percentage cost of healthcare to employers so health insurance companies can reap greater profits.
I have one, it works great. Previously, the few times I've needed use the health care system, all was out of pocket. I never met my deductable. Now, I have a "cash" account that may be used on nearly any medical expense (glasses, dentist, prescription drugs, Lasik surgery, etc). My deductable is even higher, but the insurance plan is now what it should be, insurance against a catastrophic event. I like it, hope Booboo-care doesn't destroy it.
HSAs are an especially good deal for younger, healthy people.
I've not touched my HSA contributions but pay out of pocket for medical care instead of drawing off the account. I was recently told (but have yet to verify) that when I reach age 65 I can roll that money directly into my retirement account, since it, like my ROTH, are already post-tax contributions. I have that HSA money invested and working hard at growing it since my ROTH contributions are greatly limited. The HSA is like a second retirement account.
I have one but never used it. When I retired the company owed me a lot for unused sick leave and vacation, so I put $15K into the HSA and $20K into my 401k to defeat the tax man.
It grows, or loses, just like a 401K, so mine has grown over the years. I figured I'd save it for when I'm older and medical expenses might get larger. You can pass it on to your family if I die before I use it, so I (don't think) I can lose. I can use it for any medicine or Dr visits, just submit the bills and they will reimburse me for the cost.
As I said, I've never tapped it so I hope it works like they told me...
This year my employer added a "High deductible/HSA" option to our health plan. I'm going to stay on our traditional plan for a few reasons: First, my wife has a chronic disease which causes us to use our benefits extensively. We reach our deductibles and max-out-of-pocket each and every year. Having to reach the astronomical deductible on the new plan would just kill us. From the figures I ran given our personal utilization, it looks like the high deductible/hsa option we are offered is better for those who use it sparingly or for a catastrophic backup.
Also, I already know the every little gritty facet of the traditional plan from having to utilize it so much. I don't want to have to learn the new plan's hoops to jump through. Also, I don't want to be a guinea pig for the new plan. Some people signed up for it (mostly younger, single employees in good health). I'll let them test the waters first!
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