Does anyone here use an HSA as part of their health plan?

[pochax]

i am considering switching my family insurance from a relatively low-deductible (and expensive, albeit comprehensive) plan to one with a high-deductible plan with associated Health-Savings Account (HSA) that my employer offers. since my family is relatively healthy i would rather save that extra money going to premiums in a tax-free way that can grow if we don't use it.

Does anyone have any experience with it and has it worked out for you? any bad experiences where you would have wished you had a comprehensive plan that covered everything instead?

[4jacks]

My company switched to a High Deductable w/ HSA a little over a year ago and I love it.

First, my company ROCKS. The switch was done RIGHT. That made a big difference. My company puts money into our HSA to meet our yearly deductables.

For my wife and I we have a $2,400 deductable, and my company puts in $200 every month. I put in an extra $30 every two weeks. That money just builds up, we never lose it!

I actually get MORE money in my paycheck every week, becuase the premium is so much lower and I only put in $30. I could put in more, but Heather and I don't go to Conventional doctors too much. but they are starting to cover holistic treatments more and more, so It's pretty cool.

Best yet, if you really let it build up. It can act as a medical emergency fund. Ya know. So I'm thinking about lowering my normal emergency fund, but I haven't put too much thought into it yet.

[pochax]

My company switched to a High Deductable w/ HSA a little over a year ago and I love it.

Best yet, if you really let it build up. It can act as a medical emergency fund. Ya know. So I'm thinking about lowering my normal emergency fund, but I haven't put too much thought into it yet.

Yes, i can see how it works well for you seeing as you do not ascribe to conventional medical visits. i probably need to know how well it works for someone with kids who have the more frequent visits for infections and well-care child visits and how easy it is to get pricing information when comparison shopping (vaccines, copays on prescriptions, etc.).

[clydewolf]

I just received my Medicare And You book for 2010. Open enrollment into next year's Healthcare Plans is very near. Earlier this year in SMI, I had an article discussing some things retirees should consider while selecting their Healtcare Plan. http://www.soundmindinvesting.com/me...t/looking.html

For those still employed by an employer that offers a Healthcare Plan are looking at larger co-pays and larger deductables. There may be some steps you can take to help control your Healthcare costs:
1) Consider contributing more to your Flexable Spending Account. Your maximum contribution is set by your plan. Typically you must use your money in this account by the end of 2010 or some plans have a March 15, 2011 date. As that date nears and you still have money in the account, consider eye exams, dental care, and stock up on allowed items such as asprin or other over the counter meds the plan will allow.
Here is a calculator that can help you see your savings or determine how much you should contribute: http://www.kiplinger.com/tools/flex/

If your employer offers an HSA, consider making your own contribution to the HSA. The HSA has another advantage, if not used for Healthcare expenses it can be used as a boost to your retirement account. Here is a link to a Smart Money article discussing the rules for HSAs: http://www.smartmoney.com/personal-f...t-rules-21613/

2)Dependent Care flexable spending account, like the FSA for Healthcare, has your contributions escape income and SS tax. Making the most of this account can save you hundreds of dollars a year. Here is a calculator that can help compare your Dependent Care spending account contributions vs the tax credit that is available. http://www.kiplinger.com/columns/ask...2009/q0924.htm
We can not use the expenses paid by funds contributed to the Dependent Care Flexable spending account for the tax credit.
When both parents are working and have this account available, it may be more difficult to make the final decision.

3)Look at the Disability and Long Term Care Insurance that is offered through your employer. Usually the prices of these insurances purchased through your employer are lower than plans you would purchase on your own.

Disability Insurance may be another offering from your employer. Here is a link to Smart Money with more information. http://www.smartmoney.com/personal-f...surance-17318/

4) Check your beneficiaries for your life insurance, retirement plans (401k, 403b, 457, and IRAs). The beneficiaries listed on these types of contracts will supercede your will. So even if your will has been updated, your retirement accounts and life insurance may have your assets going to the wrong persons.

[zaint]

Christian Medi-share is another health care alternative that most people do not think to consider. Medi-share is not insurance; it is a caring community that shares in each others medical cost who have the same religious beliefs about the Bible. Alternative health insurance providers and Christian health providers are not all the same. Medi-share is the Biblical alternative to health insurance since 1993 and your premiums are based on age. Members make the rules at Medi-share, and bill sharing is the alternative to traditional health insurance.

[tim_v]

I was using a Flexible Savings Account in 2009 and I switched to an HSA in 2010. I put the money I was putting into the FSA as well as the money I saved in insurance premiums. Haven't seen a big increase in medical costs so we have ~1/2 of our contributions still in the account.

[Edward Smoth]

HSA's are amazing, its a shame I'm unemployed now, but they are a great way to stach away money tax-free for the moment

[thornandroses]

I talked to an financial adviser last week, he introduced me to long term care insurance. i was pretty convinced this is a good investment for one's health and im looking forward to buying this plan