High Deductible HSA - Multiple Sclerosis Message Board

Gyrlwriter · 04-24-2008, 11:11 PM

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

april1848 · 04-25-2008, 07:51 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.

Gyrlwriter · 04-25-2008, 11:56 AM

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.

april1848 · 04-25-2008, 12:07 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.

Gyrlwriter · 04-25-2008, 12:25 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.