sunny2spot Posted October 10, 2012 Share Posted October 10, 2012 I'm looking to see what people's thoughts are on the Health Savings Account option paired together with the high deductible health plan aka "catastrophic" insurance. I just signed up for it and created an HSA. It seemed like a great option for someone like me who is young, healthy, single, and fills only one prescription monthly which is covered under the plan. Preventative PCP visits and 1 pap/OB-GYN visit per year is covered too with a $0 co-pay. Beyond that my deductible would be $3100 should any ER visit/surgery/hospital stay need to be paid for. Does anyone have any experience with this or have advice on investing the HSA fund as it accumulates? Any input would be appreciated :) Link to comment Share on other sites More sharing options...
flyingsquirrel Posted October 10, 2012 Share Posted October 10, 2012 HSA/high deductable plans can be a good option for some people as long as you know what you are getting yourself into...and it sounds like you have done your research. They aren't a good option for me, so I don't know all the ins and outs, but make sure you know all the details of your specific HSA before you put any money into it. I know that if you don't spend all the money in an FSA (pre-tax, thru your employer) by the end of the year, you lose it. Also, you might want to make sure that pregnancy is not an excluded condition...if that's something you might be considering. Link to comment Share on other sites More sharing options...
Administrator rev ronin Posted October 10, 2012 Administrator Share Posted October 10, 2012 Had it, used it, loved it. FSA is NOT and HSA... the extra money in an HSA is YOURS to use on healthcare expenses, and grows tax-free. Link to comment Share on other sites More sharing options...
Piper Posted October 10, 2012 Share Posted October 10, 2012 I have a high deductible insurance plan with an HSA. Lots of options for where you can open the HSA, but I chose my local credit union. Even if you should become covered by another insurance plan, like rev said, the HSA account balance will still be available to use for medical expenses. You just won't be able to contribute to it any more once your high deductible plan has been discontinued. Link to comment Share on other sites More sharing options...
sunny2spot Posted October 10, 2012 Author Share Posted October 10, 2012 Thanks for the input. I feel a little better about it now. Insurance is such a gamble, it's easy to play the "what if" game and then squander the opportunity to save the money instead. Link to comment Share on other sites More sharing options...
mostrike1 Posted October 15, 2012 Share Posted October 15, 2012 I am in a similar boat. I have the high deductible plan and I put in the max allowable money to my HSA each year. That way if I do have some health event requiring thousands of dollars, I am more than covered. As was stated above, the HSA will be there for you for the rest of your life (you may just not be able to contribute more to it if you change plans, but the money in it is still good for health related expenses). Link to comment Share on other sites More sharing options...
Christindleo Posted October 25, 2012 Share Posted October 25, 2012 It's a good idea of creating a Health Savings Account. for people like us. Link to comment Share on other sites More sharing options...
nightrt Posted October 31, 2012 Share Posted October 31, 2012 I LOVE my HSA plan. My SP contributes 50 cents for every dollar I contribute. Comes in handy when you have a hubby and 2 children who need glasses. Otherwise my family is healthy. Usually keep a cushion of 10K per year! Link to comment Share on other sites More sharing options...
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