I Need Help Understanding HSA's - Please Help

[InsureMonkeyQA]

Hi Kevin,

HSA's involve a High-Deductible health plan, which means a lower premium with a higher deductible compared to your traditional health plan.

You can think of it like an Individual Retirement Account, where savings can go in but only be used for medical expenses. If you were to take funds out of an HSA that aren't medical related, there are penalties.

The benefits of an HSA are that any of your funds put into the account are not federally income taxed, which is great if you're looking to save money this way.

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Sean Sheffer
Specialist at InsureMonkey

 

[Yagents]

Ooops! You must have hit the "paste" button too many times. Try not to be so generic as you find other forums

 

[Yagents]

You forgot to inform us that HSA stands for Health Savings Account.

 

[InsureMonkeyQA]

Ooops! You must have hit the "paste" button too many times. Try not to be so generic as you find other forums

Wow that was a mess, thanks for looking out!

 

[Arabia]

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[/URL] plan

How are you feeling about this comment today? Are you still recommending co-pay plans over the HSA Because of the matched premiums?

 

[taterpeeler]

How are you feeling about this comment today? Are you still recommending co-pay plans over the HSA Because of the matched premiums?

Probably about the same... How's Lawrence? My wife was born in Baghdad and wanted to know

 

[AllenChicago]

Probably about the same... How's Lawrence? My wife was born in Baghdad and wanted to know

Is BagDad still in Arabia? I thought he moved to IRock?

 

[taterpeeler]

Is BagDad still in Arabia? I thought he moved to IRock?

very good allen....you caught the joke

 

[Cory]

I think everyone has provided great info here, but copay vs HSA depends on the health and age of the prospect. I never get sick, go to the doctor once per year for annual physical and don't want to pay the hefty premium for a copay plan for benefits I won't use. HSA works best for me now, but it's inevitable as we age conversion to copay will happen.