Gyrlwriter
04-25-2008, 02:11 AM
My employer informed me that insuring me (I didn't have continuous coverage when I started) would drive the cost up for the rest of the staff. So, they offered to give me the money they'd spend insuring me to pay for my own coverage.
I actually found a high deductible ($1500) health savings account (HSA)qualified plan. And it makes sense for me, I think. Under the plan offered at work (same as at a previous employer), only one MRI is covered. My doc recommends at least 2 per year for the next few years. After the deductible is met under the plan I found, everything is covered 100%, save the co-pay (well...everything except for mental health) and prescriptions and eyeglasses/contacts go count towards the deductible. Best of all, all medical expenses are tax free and roll over year to year with the HSA. I can also buy the same PPO insurance work offers; it's good - at my old job my 1.5 day $20,000 hospital stay only cost me $468 - but it has many flaws, considering what I am dealing with healthwise. the high deductible plan seems to make sense.
I wanted to know if anyone else had experience with these types of plans before I buy.
Thanks
I actually found a high deductible ($1500) health savings account (HSA)qualified plan. And it makes sense for me, I think. Under the plan offered at work (same as at a previous employer), only one MRI is covered. My doc recommends at least 2 per year for the next few years. After the deductible is met under the plan I found, everything is covered 100%, save the co-pay (well...everything except for mental health) and prescriptions and eyeglasses/contacts go count towards the deductible. Best of all, all medical expenses are tax free and roll over year to year with the HSA. I can also buy the same PPO insurance work offers; it's good - at my old job my 1.5 day $20,000 hospital stay only cost me $468 - but it has many flaws, considering what I am dealing with healthwise. the high deductible plan seems to make sense.
I wanted to know if anyone else had experience with these types of plans before I buy.
Thanks
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april1848
04-25-2008, 10:51 AM
Hi Gyrlwriter. I have the same kind of plan--3,000.00 deductible(for me and husband) and an HSA. It works for me. The HSA is nice because you can spend it on medical expenses not covered by insurance, and I feel like it gives me a certain amount of freedom.
If you have any questions about HSAs, let me know. I was the HR person at work who helped develop our plan. A lot of our employees opted for this, and it ended up saving money for the whole group. Our premiums went up 8% last year instead of the projected 22%. With these plans, those covered are more focused on prevention and saving money (like seeing their doctors instead of going to the ER).
It's a little more work on your part though. Save all of your records. Make sure you save all of our receipts and Explanations of Benefits forms. You want to make sure that if you get audited, you can show exactly what you paid with your HSA.
If you have any questions about HSAs, let me know. I was the HR person at work who helped develop our plan. A lot of our employees opted for this, and it ended up saving money for the whole group. Our premiums went up 8% last year instead of the projected 22%. With these plans, those covered are more focused on prevention and saving money (like seeing their doctors instead of going to the ER).
It's a little more work on your part though. Save all of your records. Make sure you save all of our receipts and Explanations of Benefits forms. You want to make sure that if you get audited, you can show exactly what you paid with your HSA.
Gyrlwriter
04-25-2008, 02:56 PM
If you have any questions about HSAs, let me know. I was the HR person at work who helped develop our plan.
GREAT. I love this board...you never know who's here!
April...Let me ask you this: the HSA plan I found says expenses once the deductible are met are covered at 100%. So...if I have, say, a $3000 MRI, I just pay my deductible, right? And from then on...I just pay my co-pay for medical expenses.
GREAT. I love this board...you never know who's here!
April...Let me ask you this: the HSA plan I found says expenses once the deductible are met are covered at 100%. So...if I have, say, a $3000 MRI, I just pay my deductible, right? And from then on...I just pay my co-pay for medical expenses.
april1848
04-25-2008, 03:07 PM
Exactly. Once you meet your deductible, everything but copays will be covered. So if you get a 3,000.00 MRI and you have a 1500.00 deductible, you would pay the 1500.00 (assuming your deductible isn't met) and insurance will cover the rest.
You can use your HSA money to pay the deductible. It's always hard in January when your deductible starts over again. There's a limit to how much money you can put in your HSA each year, but any left over money that is rolled over has no limit.
You can use the HSA for any medical expense, like seeing the dentist or an eye doctor. You can also use it to pay for band-aids or aspirin.
You can use your HSA money to pay the deductible. It's always hard in January when your deductible starts over again. There's a limit to how much money you can put in your HSA each year, but any left over money that is rolled over has no limit.
You can use the HSA for any medical expense, like seeing the dentist or an eye doctor. You can also use it to pay for band-aids or aspirin.
Gyrlwriter
04-25-2008, 03:25 PM
Wow. This gives you a lot of control over your medical expenses. I thought it was too good to be true when I read it, but my research shows it works well for either the really healthy or the chronically ill.
april1848
04-25-2008, 03:27 PM
I wanted to add something else. You mentioned that everything is covered except mental health. Congress is trying to change that, so insurance companies have to pay for mental health and addiction services at the same rate they do for medical. I watched Betty Ford testify before congress and she was great! A few states, including mine, have already passed it and now they're trying to do it at the federal level. I worked in the mental health/addiction field and started a letter writing campaign. I used to belong to a PAC that was doing this at the Federal level before I left.
Hopefully this won't be an issue much longer. People are physically healthier and more productive if they need and have access to mental health/addiction services, so in the long run, it would save the insurance companies money. I believe they said that in 6 years of equal coverage, insurance companies would start to see a huge difference.
Hopefully this won't be an issue much longer. People are physically healthier and more productive if they need and have access to mental health/addiction services, so in the long run, it would save the insurance companies money. I believe they said that in 6 years of equal coverage, insurance companies would start to see a huge difference.
Gyrlwriter
04-25-2008, 03:31 PM
People are physically healthier and more productive if they need and have access to mental health/addiction services, so in the long run, it would save the insurance companies money. I believe they said that in 6 years of equal coverage, insurance companies would start to see a huge difference.
I agree. I don't understand why basic psycotherapy would only be covered at 50%; with therapy many stress related illnesses could be controlled! I will check what's going on in my state. That's great news.
Also, from an HR standpoint, is it 'kosher' to ask an employer for a schedule that allows you to telecommute during 'bad times'. I'm worried that I'd look lazy if I do so.
I agree. I don't understand why basic psycotherapy would only be covered at 50%; with therapy many stress related illnesses could be controlled! I will check what's going on in my state. That's great news.
Also, from an HR standpoint, is it 'kosher' to ask an employer for a schedule that allows you to telecommute during 'bad times'. I'm worried that I'd look lazy if I do so.
april1848
04-25-2008, 03:37 PM
It is definitely kosher! Under the Americans with Disabilities Act, you are allowed to ask for "reasonable accomodations", such as commuting at a different time. You can just ask your boss, or you can print out a form that you can find online that you can fill out to ask more formally. Your HR person should have this form.
If your boss refuses or doesn't see this as a "reasonable accomodation" you can file a complaint with the Equal Employment Opportunities Commission. As long as your request doesn't cause "undue hardship" to the company you work for, your boss/HR dept. shouldn't turn you down.
If your boss refuses or doesn't see this as a "reasonable accomodation" you can file a complaint with the Equal Employment Opportunities Commission. As long as your request doesn't cause "undue hardship" to the company you work for, your boss/HR dept. shouldn't turn you down.
MSNik
04-25-2008, 08:56 PM
As April said, its definately Kosher, but there is a catch and I found it...if the job requires you to be at a certain place at a certain time, or in my case, because I am a sales rep and HAVE to be accountable to my numerous accounts, then they cannot make accomodations for you which concern times of actually working...the other loophole they can use is if you are required to be on the phones for certain times, as in being a customer service rep, and you wish to change the hours you were hired for- then they dont have to keep you and meet your requests...they cannot fire you under the ADA, but they can give you another job, even downgrade you-- due to the fact that you requested the change and they cannot accomodate the request. If you are lucky enough to have the kind of job which can be accomdated by telecommuting, then yes, absoutely go for it and request it. More people are finding it benefical to do this type of work, not only with disabilities but with kids/ gas prices, etc.
Good luck!
Nikki
Good luck!
Nikki
Bearygood
04-27-2008, 02:55 PM
Wow. This gives you a lot of control over your medical expenses. I thought it was too good to be true when I read it, but my research shows it works well for either the really healthy or the chronically ill.
I think this is a good assessment. Definitely for the really healthy and if you have a chronic illness, it's possible although not a given. My plan offered this option in the new year and in researching it, for me personally, the math did not add up. At least right now, I'm in-between enough so that my lower deductible plan was better suited for my situation.
I think this is a good assessment. Definitely for the really healthy and if you have a chronic illness, it's possible although not a given. My plan offered this option in the new year and in researching it, for me personally, the math did not add up. At least right now, I'm in-between enough so that my lower deductible plan was better suited for my situation.
april1848
04-27-2008, 03:58 PM
For someone with a chronic illness, a high deductible plan with HSA can be a little risky, especially in January, especially when the HSA is new and there's not much money in it! To really benefit from it, I needed to be super organized and put in as much money as I legally could.
I had employees who saw the doctor once or twice a year, and this plan was great for them. Fortunately for me, it's working, but like I said, there was a lot of work on my part.
I had employees who saw the doctor once or twice a year, and this plan was great for them. Fortunately for me, it's working, but like I said, there was a lot of work on my part.