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beeeyotch

HSA's. Were offered a choice between a standard deductible plan and an HSA. I dont know anything about these. Help!

shmoozer

HSA = ?

buckswife08

do you have to choose one or the other?

Health Savings Accounts (HSA) are accounts that collect money pre-tax (thus lowering your taxable income) and typically its a set amount each pay check and you have to use the money by the end of the year or you lose it. you can use it on thigns like medicine, medical bills, anything heath related basically (theres a whole list you can follow).

theyre nice...as long as you use the money or else you just lose it. and thats no beuno.

buckswife08

i cant compare the two unless i have specifics...what's the standard plan coverage like? what does it cost per pay period? what'd the deductible and what company is it with?

Traycee1242

buckswife08:

do you have to choose one or the other?

Health Savings Accounts (HSA) are accounts that collect money pre-tax (thus lowering your taxable income) and typically its a set amount each pay check and you have to use the money by the end of the year or you lose it. you can use it on thigns like medicine, medical bills, anything heath related basically (theres a whole list you can follow).

theyre nice...as long as you use the money or else you just lose it. and thats no beuno.

Granted.... my DH does all this stuff so I don't know the specifics... 

But our HSA is different. DH opened an HSA and rolled $8k in there a few years ago from an IRA. There were no penalties... we don't lose any money if we don't use it (it just rolls over) and he doesn't contribute any more money from his paycheck.

 

 

karebear304

Totally depends on the two plans. You should be able to call the insurance company rep and they can lay out the benefits of each for you.

I chose the deductible when I had a choice b/c I never go to the doctor (minus all the last year drama), have no regular prescriptions and our HSA account was a "use or loose" kind. 

If I could have rolled it over I would have definitely considered that one. 

shmoozer

We have what they call a Flexible Spending Account that is optional to add to our typical deductible-steal-all-of-your-money-because-I-take-half-of-your-already-sad-paycheck. Same that you loose it at the end of the year if you don't use it. Together, H and I don't spend that much on medical stuff so it wasn't really worth it for us. Once we have a baby I'm sure I'll jump on that.