Hello. I'm 25 years old, and currently on my parents insurance. This year they switched their plan to a high-deductible HSA that offers 0% coverage until $4,000, after which they pay 80% to $6,000, after which they cover 100%. This is for medical and prescriptions only - dental and eye are separate. I currently take a high-cost medication on a monthly basis, and I'm trying to decide the best route to take. Here are some questions I have:
1) Why is there a difference in price for my medication when paying cash vs. when billing my insurance? Generally the cash price is cheaper, but if I pay "cash" the amount won't go towards my deductible.
2)I'm aware of coupon codes that reduce the cash price by nearly half - is it possible to bill the coupon as the primary and insurance, and then bill my HSA the remaining price as a secondary insurance?
3) I'm not sure we'll ever meet our deductible, so paying cash might actually be a better option, if it ends up being cheaper. Is it possible to use the HSA account money (aka the credit card linked to the HSA account) to pay for a prescription that wasn't billed to the insurance?
Thanks for any help!
1) Why is there a difference in price for my medication when paying cash vs. when billing my insurance? Generally the cash price is cheaper, but if I pay "cash" the amount won't go towards my deductible.
2)I'm aware of coupon codes that reduce the cash price by nearly half - is it possible to bill the coupon as the primary and insurance, and then bill my HSA the remaining price as a secondary insurance?
3) I'm not sure we'll ever meet our deductible, so paying cash might actually be a better option, if it ends up being cheaper. Is it possible to use the HSA account money (aka the credit card linked to the HSA account) to pay for a prescription that wasn't billed to the insurance?
Thanks for any help!