IRS announces 2024 HSA, HDHP limits

[Northeast Agent]

[EXTERNAL LINK] - IRS announces 2024 HSA, HDHP limits | BenefitsPRO

Thanks to the ongoing high inflation, employees will be able to put more money into their health savings accounts next year. HSA contribution limits for 2024 will see one of the biggest jumps in recent years, the IRS announced. The annual limit on HSA contributions for self-only coverage will be $4,150, a 7.8% increase from the $3,850 limit in 2023.

Employees 55 and older can contribute an extra $1,000 to their HSAs, which means an older married couple could contribute $10,300 in 2024, up from $9,750 this year.

 

[Deborah Armstrong]

That's great. The downside is that you have to spend that amount prior to the insurance to cover 100%

 

[somarco]

That's great. The downside is that you have to spend that amount prior to the insurance to cover 100%

HRA, HSA contributions do not impact health insurance OOP or coinsurance.

Eligible claims below the HDHP deductible are adjudicated and repriced . . . the insured is not paying 100% of the billed claim.

 

[Deborah Armstrong]

HRA, HSA contributions do not impact health insurance OOP or coinsurance.

Eligible claims below the HDHP deductible are adjudicated and repriced . . . the insured is not paying 100% of the billed claim.

Yes, I understand that. Some insurance companies claim the repricing is too expensive and don't reprice like they are supposed to. You don't know this unless you review your bill. You also have to watch your charges closely and sometimes the coding is wrong. They make mistakes and if you can catch the mistakes and can lower your bill.

Don't get me wrong, I am a big fan of HSA's.

 

[somarco]

Some insurance companies claim the repricing is too expensive and don't reprice like they are supposed to

Citation? Or is this hearsay and anecdotal?

I call BS on "repricing is too expensive". Every claim that is repriced defers hitting the OOP where the carrier is on the hook for "100%".

 

[LostDollar]

I thought insurance carriers set the repricing structures for plans they offer and networks they create and offer providers membership in.

 

[LostDollar]

That's great. The downside is that you have to spend that amount prior to the insurance to cover 100%

And your point is????

 

[Deborah Armstrong]

Citation? Or is this hearsay and anecdotal?

I call BS on "repricing is too expensive". Every claim that is repriced defers hitting the OOP where the carrier is on the hook for "100%".

I am just quoting what I have read in articles about insurance companies. I have not experienced that first hand, but I do not trust they won't always do what they are supposed to. Always check your bills.

https://www.npr.org/sections/health...alth-insurer-doesnt-care-about-your-big-bills
chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.decof.com/documents/insurance-company-tricks.pdf

 

[Deborah Armstrong]

And your point is????

The answer is in other posts.

 

[somarco]

Those are fluff pieces from two left wing organizations written by folks who have no real knowledge of how insurance works.

Insurers adjudicate every claim and reprice according to the MCO agreement signed and agreed to by the providers. Medicare has their own reimbursement schedule which is always lower than commercial insurers.

Many Medicare claims are flat rate or per diem, not based on a schedule.

If carriers did not adjudicate all claims, regardless of the size, their reinsurance carrier would yank their contract.