HSA's

Apr 13, 2007

  1. Golddoor
    Offline

    Golddoor Guru

    Posts:
    298
    Likes Received:
    0
    What are the advantages of an HSA over a regular copay PPO plan when they have about the same monthly premium?
     
    Golddoor, Apr 13, 2007
    #1
  2. Crabcake Johnny
    Offline

    Crabcake Johnny Guru

    Posts:
    14,811
    Likes Received:
    15
    State:
    South Carolina
    HSA:

    *Half the family liability. HSA are one family deductible, PPO plans are two to possibly three members have to meet the OOP.

    *Once the deductible is met (assuming 100% coinsurance) all services are free. Not so on PPO plans where office and drug copays always remain.

    *HSA account allowing client to purchase stuff tax-free they already purchase like dental, vision, over-the-counter meds, etc...If you have to pay for that stuff anyway, might as well use tax free dollars.

    *Yet another way to lower your tax exposure since all the money you put into your account lowers your taxable income.
     
  3. aufan
    Offline

    aufan Super Genius

    Posts:
    126
    Likes Received:
    0
    Couldn't have said it better myself John....you must be kinda experienced with them their HSA's? (joke)

    I used to skip over a lead that said they had Blue Cross. Now i'm replacing them quite frequently. Almost every case i'm saving them 40 to 50 percent on their premium and giving them 100 percent coverage and more benefits.

    My prediction says HSA's are here to stay and are about to explode. I really believe that they are going to really shine when the "universal" health care question debate gets hot and heavy in congress. I believe the plan that Bush presented during his last State of the Union speech is very close to what we'll see.....even if we elect a democratic president.
     
    aufan, Apr 13, 2007
    #3
  4. Golddoor
    Offline

    Golddoor Guru

    Posts:
    298
    Likes Received:
    0
    When they purchase stuff tax free like dental, vision and over the counter meds, does that go toward the deductible?
     
    Golddoor, Apr 13, 2007
    #4
  5. Crabcake Johnny
    Offline

    Crabcake Johnny Guru

    Posts:
    14,811
    Likes Received:
    15
    State:
    South Carolina
    No. Only eligible medical expenses count towards the deductible.
     
  6. Golddoor
    Offline

    Golddoor Guru

    Posts:
    298
    Likes Received:
    0

    Ok lets assume that is an 80/20 HSA like some of the unicare plans. You still have to pay the Doc visit and prescription copays even after meeting the deductible. And you still have a max to meet. So how would you benefit from one of those plans?
     
    Golddoor, Apr 13, 2007
    #6
  7. Crabcake Johnny
    Offline

    Crabcake Johnny Guru

    Posts:
    14,811
    Likes Received:
    15
    State:
    South Carolina
    You need to look at the plan. Not all HSAs are created equal. For example, Carefirst in MD has the copays start after the deductible:

    https://www.carefirst.com/eSales/broker_groups.jsp?b=132

    Under "summary" choose "blue choice hsa maryland" and note you have all doctor and drug copays after the deductible is met.
     
  8. Golddoor
    Offline

    Golddoor Guru

    Posts:
    298
    Likes Received:
    0
    The Unicare plan you have to meet ded and the Max OP to get 100% coverage on prescription and covered services from the provider.
     
    Golddoor, Apr 13, 2007
    #8
  9. BKrocko
    Offline

    BKrocko Guru

    Posts:
    314
    Likes Received:
    1
    If you have fully funded your HSA for the year but use $1500 for braces, are you allowed to "replace" those dollars in the same year to keep it fully funded? In this example, how would it work if a family member was hospitalized (thus meeting the med deductible) but had already spent $1500 on eligable medical expenses? If you cannot "replace" the used dollars, then the additional dollars needed to cover the med ded. would not have tax favored status.
     
    BKrocko, Apr 13, 2007
    #9
  10. K-Dub
    Offline

    K-Dub Super Genius

    Posts:
    232
    Likes Received:
    0
    [​IMG]Careful on this one, Aetna and BCBS here now have two deductibles per family. Not the case on all plans, I think it crappy they are changing to this!
     
    K-Dub, Apr 13, 2007
    #10
Loading...
Similar Threads
  1. MHart
    Replies:
    6
    Views:
    777
  2. Krono
    Replies:
    5
    Views:
    1,454
  3. salpro22
    Replies:
    12
    Views:
    1,729