I Need Help Understanding HSA's - Please Help

[kevinroyale]

i know the very basic drift of what an HSA is but im still unsure of exactly what it does and how it does it. i also do not understand the tax benefits.

can someone please help to explain what an hsa is all about with the pros and cons of them pretty please?

 

[STIBROKER]

easy,,,,,hsa are just like copay plans and cover all the same things.....but in most cases all charges on a hsa are repriced at a ppo discount that the policy holder pays that goes toward a deductible...so instead of paying $30 for an office visit you would pay the discounted price...say $60 that would go toward a deductible....now to pay these discounted fees one can open up a HSA account at a bank and fund the account with pretax dollars .....thats pretty much it in a nut shell.....

 

[GoCubsGo]

Yep and here is a site where you can get details: HSAcenter - Health Savings Accounts - Health Care and Savings for You and Your Family

 

[DS4]

You first must have a HSA compatable health plan. Then, you can open a HSA acct at a financial institution.
Monies you contrib to the HSA acct lower your gross income.
As you incurr HSA eligible expenses, you use your monies in your HSA acct.
In Summary, you are using Gross income to pay expenses you used to use Net income for.

 

[kevinroyale]

thank you guys so much, i love this forum

 

[jaredjb]

Kevin,

Here are some highlights and FAQ's about health savings account. I believe this health savings account website will have the answers you are looking for.

 

[CHUMPS FROM OXFORD]

That is a very nice site. I bet I can find low cost HSA Insurance Plans there!

 

[Yagents]

you guys are still a little short of HSA Consumer for a real education on HSA's

 

[CHUMPS FROM OXFORD]

Nice website!

 

[jbage007]

Personally, I prefer co-pay plans because high deductible premiums are now too high to justify the concept, but here is a good site if you really want good info about a health savings account plan