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This is a good freakin thread... can't believe I've been been brainwashed by some agents saying HSA's are not good. Sad to say some agents are just selling policies for greed and not for the consumer.
Assurant One deductible Traditional Plan
- Thread starter bluemarlin08
- Start date
- 3,863
I have an HSA.
I hardly ever sell a HSA.
HSA Price breaks are far from where they need to be except for specific scenarios (large families, smokers). In addition most carriers underwrite a $5000 HSA the same as a $500 co pay plan - which is unbelievable considering the initial risk offset by deductible.
I just received a carrier 20% rate up for seasonal allergies on a $10,00 HSA that has no RX prior to deductible and customer has a 12 month pre ex - sorry but what are they thinking?
One last comment my HSA has cost me a lot of money since 2001. I had a few good years, one bad year, and a few moderate years. I also had two babies (technically my wife did - and my HSA dropped maternity about 2 months before my wife was pregnant which was a real treat).
Did the premium savings and tax break offset my out of pocket? Probably not considering my OOP medical expense since 2001 was in the five figures. Nothing major just a bunch of stupid stuff that added up.
In addition I have received great negotiated rates on LAB WORK, however some negotiated rates are a complete joke. I saw a specialist which cash price was $250 (for 2 minutes - real fair) and negotiated rate was $247. Good luck trying to get negotiated rates UPFRONT or mention HSA at the doctor or hospital they look at you like you are speaking Klingon.
Sample RX cash price monthly is $130 , negotiated rate $124 - wow! RX breaks I have found to be a disaster outside of generic.
So to each their own but to think HSA is the cure all is really sadly mistaken and HSA does not always work out in every scenario. Once rate offsets are 50% or higher I might have a different view, right now it is simply something to offer yet is not something I push on people for reasons stated above and other reasons to long for this thread such as my target market.
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Contributions to the savings accounts are 100% tax deductible. Up to $5800 families, 2900 singles. Premiums are also tax-deductible for the self-employed.
Generally, when folks are not happy with their HSA, it's because they have not fully funded the account, regliously, year in and year out. Many of our clients have over $25,000 cash in those accounts today.
The other criticism mentioned by TX relates to savings "lost" under a typical policy. But this analysis inevitably fails to consider how much one actually would have paid in premiums over the years for those plans.
If your carrier has HSA options priced around the same as a low deductible PPO copay plan, here's a piece of advice: SWITCH CARRIERS
Generally, when folks are not happy with their HSA, it's because they have not fully funded the account, regliously, year in and year out. Many of our clients have over $25,000 cash in those accounts today.
The other criticism mentioned by TX relates to savings "lost" under a typical policy. But this analysis inevitably fails to consider how much one actually would have paid in premiums over the years for those plans.
If your carrier has HSA options priced around the same as a low deductible PPO copay plan, here's a piece of advice: SWITCH CARRIERS
- 3,863
Maxed out every year.
Agreed but in my case we are not very old and premium differential is minimal certainly not 5 figures.
This is not an option I am a decline. This is nothing major we are talking common stuff without posting my whole medical history online - I am not dying but I am uninsurable based on previous claims history, current meds and potential (who knows) in the future. Trust me I do this day in and day out there is not one individual carrier that will touch me unless it is a junk plan or 2 waivers (best case).
Sorry I am stuck unless I go on my company group, but then I can not go back to individual.
