Hit or Skip: HSA accounts.

[Coronita]

[quote=UCGal]If you’re young, healthy, and don’t have kids that need period checkups, vaccinations, etc… then they can be a great thing.

If you’re closer to middle age, where the body starts to fail in unexpected ways, or if you have kids that can come up with unusal and creative ways to injure themselves (like when my then 4 year old stuck some beads up his nose…) then you might suck up your entire HSA savings account on the big deductable.

If I were single and in my 20’s or early 30’s I’d seriously consider it. I’m in my late 40’s with small kids – no way I’d do an HSA w/high deductable plan now.

[/quote]

Thanks. I didn’t realize there was a high deductible health plan clause until I read the fine print. Guess I’ll just have to count on Medicare being there. 🙁

[Dougie944]

I have had an HSA for 3 years. I am 39 now, no kids, and haven’t been to the doctor in that time. I have saved $10,000 in that time. If you or your kids frequent doctors regularly, then stay away. The gamble has, so far, paid off for me. With the name Flu, this doesn’t seem like the plan for you.

At 65yo that money can be pulled out like a 401k with no medical need.

[Dougie944]

I have had an HSA for 3 years. I am 39 now, no kids, and haven’t been to the doctor in that time. I have saved $10,000 in that time. If you or your kids frequent doctors regularly, then stay away. The gamble has, so far, paid off for me. With the name Flu, this doesn’t seem like the plan for you.

At 65yo that money can be pulled out like a 401k with no medical need.

[Dougie944]

I have had an HSA for 3 years. I am 39 now, no kids, and haven’t been to the doctor in that time. I have saved $10,000 in that time. If you or your kids frequent doctors regularly, then stay away. The gamble has, so far, paid off for me. With the name Flu, this doesn’t seem like the plan for you.

At 65yo that money can be pulled out like a 401k with no medical need.

[Dougie944]

I have had an HSA for 3 years. I am 39 now, no kids, and haven’t been to the doctor in that time. I have saved $10,000 in that time. If you or your kids frequent doctors regularly, then stay away. The gamble has, so far, paid off for me. With the name Flu, this doesn’t seem like the plan for you.

At 65yo that money can be pulled out like a 401k with no medical need.

[Dougie944]

I have had an HSA for 3 years. I am 39 now, no kids, and haven’t been to the doctor in that time. I have saved $10,000 in that time. If you or your kids frequent doctors regularly, then stay away. The gamble has, so far, paid off for me. With the name Flu, this doesn’t seem like the plan for you.

At 65yo that money can be pulled out like a 401k with no medical need.

[nostradamus]

[quote=Dougie944]At 65yo that money can be pulled out like a 401k with no medical need.[/quote]
But then it would be taxed.

The beauty of an HSA is it’s deducted from your income going in, and it’s not taxed coming out if you use it for medical expenses. Your account pays for your deductible, so it’s all tax-free. It rolls over every year and keeps growing, and you can invest it anywhere you want (cd’s for example).

“Medical expenses” are loosely defined, here.

I pay less with an HSA and get better service. The “high deductible” costs less than the premiums for regular insurance, the account is tax-free, and rolls over every year. I think it’s the best thing Bush did.

[nostradamus]

[quote=Dougie944]At 65yo that money can be pulled out like a 401k with no medical need.[/quote]
But then it would be taxed.

The beauty of an HSA is it’s deducted from your income going in, and it’s not taxed coming out if you use it for medical expenses. Your account pays for your deductible, so it’s all tax-free. It rolls over every year and keeps growing, and you can invest it anywhere you want (cd’s for example).

“Medical expenses” are loosely defined, here.

I pay less with an HSA and get better service. The “high deductible” costs less than the premiums for regular insurance, the account is tax-free, and rolls over every year. I think it’s the best thing Bush did.

[nostradamus]

[quote=Dougie944]At 65yo that money can be pulled out like a 401k with no medical need.[/quote]
But then it would be taxed.

The beauty of an HSA is it’s deducted from your income going in, and it’s not taxed coming out if you use it for medical expenses. Your account pays for your deductible, so it’s all tax-free. It rolls over every year and keeps growing, and you can invest it anywhere you want (cd’s for example).

“Medical expenses” are loosely defined, here.

I pay less with an HSA and get better service. The “high deductible” costs less than the premiums for regular insurance, the account is tax-free, and rolls over every year. I think it’s the best thing Bush did.

[nostradamus]

[quote=Dougie944]At 65yo that money can be pulled out like a 401k with no medical need.[/quote]
But then it would be taxed.

The beauty of an HSA is it’s deducted from your income going in, and it’s not taxed coming out if you use it for medical expenses. Your account pays for your deductible, so it’s all tax-free. It rolls over every year and keeps growing, and you can invest it anywhere you want (cd’s for example).

“Medical expenses” are loosely defined, here.

I pay less with an HSA and get better service. The “high deductible” costs less than the premiums for regular insurance, the account is tax-free, and rolls over every year. I think it’s the best thing Bush did.

[nostradamus]

[quote=Dougie944]At 65yo that money can be pulled out like a 401k with no medical need.[/quote]
But then it would be taxed.

The beauty of an HSA is it’s deducted from your income going in, and it’s not taxed coming out if you use it for medical expenses. Your account pays for your deductible, so it’s all tax-free. It rolls over every year and keeps growing, and you can invest it anywhere you want (cd’s for example).

“Medical expenses” are loosely defined, here.

I pay less with an HSA and get better service. The “high deductible” costs less than the premiums for regular insurance, the account is tax-free, and rolls over every year. I think it’s the best thing Bush did.

[meadandale]

[quote=nostradamus][quote=Dougie944]At 65yo that money can be pulled out like a 401k with no medical need.[/quote]
But then it would be taxed.

The beauty of an HSA is it’s deducted from your income going in, and it’s not taxed coming out if you use it for medical expenses. Your account pays for your deductible, so it’s all tax-free. It rolls over every year and keeps growing, and you can invest it anywhere you want (cd’s for example).

“Medical expenses” are loosely defined, here.

I pay less with an HSA and get better service. The “high deductible” costs less than the premiums for regular insurance, the account is tax-free, and rolls over every year. I think it’s the best thing Bush did.[/quote]

I agree. I have one and it has been great so far. I typically just use it for emergency care or high expense items like glasses. If I need to go to the doctor, I pay out of pocket. If he prescribes me something, I really won’t fill it unless it will actually make me better and isn’t just to ameliorate the discomfort.

I’ve found that with an HSA, that I self meter my usage of the doctor–I really won’t go unless it is for either an annual checkup or a serious illness. I won’t go for the sniffles…because I’m paying the bills.

This is one thing that really bothers me about ‘free’ health care. If people don’t pay for it, there is no disincentive to using it even when they don’t need it.

I got to test my insurance company and my plan last year. Went to the ER with chest pains (thinking heart attack). They hospitalized me and ran a bunch of tests. Even did an angio. Turned out that I was fine but the symptoms had them concerned which is why they ran the tests.

$25k hospital bill cost me just my deductible…which I had in my HSA account, and then some. Hate to think what I would have done to come up with the money if I had a regular plan with a similar deductible but no HSA.

[meadandale]

[quote=nostradamus][quote=Dougie944]At 65yo that money can be pulled out like a 401k with no medical need.[/quote]
But then it would be taxed.

The beauty of an HSA is it’s deducted from your income going in, and it’s not taxed coming out if you use it for medical expenses. Your account pays for your deductible, so it’s all tax-free. It rolls over every year and keeps growing, and you can invest it anywhere you want (cd’s for example).

“Medical expenses” are loosely defined, here.

I pay less with an HSA and get better service. The “high deductible” costs less than the premiums for regular insurance, the account is tax-free, and rolls over every year. I think it’s the best thing Bush did.[/quote]

I agree. I have one and it has been great so far. I typically just use it for emergency care or high expense items like glasses. If I need to go to the doctor, I pay out of pocket. If he prescribes me something, I really won’t fill it unless it will actually make me better and isn’t just to ameliorate the discomfort.

I’ve found that with an HSA, that I self meter my usage of the doctor–I really won’t go unless it is for either an annual checkup or a serious illness. I won’t go for the sniffles…because I’m paying the bills.

This is one thing that really bothers me about ‘free’ health care. If people don’t pay for it, there is no disincentive to using it even when they don’t need it.

I got to test my insurance company and my plan last year. Went to the ER with chest pains (thinking heart attack). They hospitalized me and ran a bunch of tests. Even did an angio. Turned out that I was fine but the symptoms had them concerned which is why they ran the tests.

$25k hospital bill cost me just my deductible…which I had in my HSA account, and then some. Hate to think what I would have done to come up with the money if I had a regular plan with a similar deductible but no HSA.

[meadandale]

[quote=nostradamus][quote=Dougie944]At 65yo that money can be pulled out like a 401k with no medical need.[/quote]
But then it would be taxed.

The beauty of an HSA is it’s deducted from your income going in, and it’s not taxed coming out if you use it for medical expenses. Your account pays for your deductible, so it’s all tax-free. It rolls over every year and keeps growing, and you can invest it anywhere you want (cd’s for example).

“Medical expenses” are loosely defined, here.

I pay less with an HSA and get better service. The “high deductible” costs less than the premiums for regular insurance, the account is tax-free, and rolls over every year. I think it’s the best thing Bush did.[/quote]

I agree. I have one and it has been great so far. I typically just use it for emergency care or high expense items like glasses. If I need to go to the doctor, I pay out of pocket. If he prescribes me something, I really won’t fill it unless it will actually make me better and isn’t just to ameliorate the discomfort.

I’ve found that with an HSA, that I self meter my usage of the doctor–I really won’t go unless it is for either an annual checkup or a serious illness. I won’t go for the sniffles…because I’m paying the bills.

This is one thing that really bothers me about ‘free’ health care. If people don’t pay for it, there is no disincentive to using it even when they don’t need it.

I got to test my insurance company and my plan last year. Went to the ER with chest pains (thinking heart attack). They hospitalized me and ran a bunch of tests. Even did an angio. Turned out that I was fine but the symptoms had them concerned which is why they ran the tests.

$25k hospital bill cost me just my deductible…which I had in my HSA account, and then some. Hate to think what I would have done to come up with the money if I had a regular plan with a similar deductible but no HSA.

[meadandale]

[quote=nostradamus][quote=Dougie944]At 65yo that money can be pulled out like a 401k with no medical need.[/quote]
But then it would be taxed.

The beauty of an HSA is it’s deducted from your income going in, and it’s not taxed coming out if you use it for medical expenses. Your account pays for your deductible, so it’s all tax-free. It rolls over every year and keeps growing, and you can invest it anywhere you want (cd’s for example).

“Medical expenses” are loosely defined, here.

I pay less with an HSA and get better service. The “high deductible” costs less than the premiums for regular insurance, the account is tax-free, and rolls over every year. I think it’s the best thing Bush did.[/quote]

I agree. I have one and it has been great so far. I typically just use it for emergency care or high expense items like glasses. If I need to go to the doctor, I pay out of pocket. If he prescribes me something, I really won’t fill it unless it will actually make me better and isn’t just to ameliorate the discomfort.

I’ve found that with an HSA, that I self meter my usage of the doctor–I really won’t go unless it is for either an annual checkup or a serious illness. I won’t go for the sniffles…because I’m paying the bills.

This is one thing that really bothers me about ‘free’ health care. If people don’t pay for it, there is no disincentive to using it even when they don’t need it.

I got to test my insurance company and my plan last year. Went to the ER with chest pains (thinking heart attack). They hospitalized me and ran a bunch of tests. Even did an angio. Turned out that I was fine but the symptoms had them concerned which is why they ran the tests.

$25k hospital bill cost me just my deductible…which I had in my HSA account, and then some. Hate to think what I would have done to come up with the money if I had a regular plan with a similar deductible but no HSA.

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