Health Savings Account

[COLE_Jeff]

Does anyone out there utilize Health Savings Accounts (HSA) to help defer the costs of employee health insurance benefits? From what I understand you can raise your health insurance deductibles and fund an HSA to help cover the cost. Anyone have this system in place that can maybe let us know if it works? Our health insurance provider is trying to steer us down this path.

Thanks,
Jeff

[Carol Frank]

We have a HRA (health reimbursement account). We place a set amount of money in each employee's account and the insurance company pulls from that and applies it to their deductible. Once that account is empty the employee is then responsible to reach their deductible out of pocket. This is our 2nd year with a HRA. It was the most ecconimical for us and our employees and has worked out pretty good. It works best for those employees who do not go to the doctor much because we are paying the 1st part of their deductible. They end up not paying anything out of pocket.

[COLE_Jeff]

Thanks Carol, we actually enrolled in the HSA this week. It looks like a good deal for all. It helps cover the high deductable if you need it and it can roll over and turn into an interest-bearing retirement account in the years when you don't need it. I think it will work real well for us. I'll have more information as the year progresses.

Jeff

[Mr Stinky]

I have the Anthem HSA Key Care. My deductable is high a nd payments are under $100. I am so glad that I set it that way. I had a total hip replacement and they paid 100% after the deductable. You also get the insurance rates on Doctor visits and RX's. One of my Meds use to cost me $27. and now I pay $7.40. I like the fact that you can add additional funds to the HSA and once the deductable is built up you can use a card like a cretit card to pay medical expenses through you HSA account. With the Anthem HSA you don't need a Dr. to refer you to another Dr.. That's your call< just make sure the Dr. you pick accepts that HSA and most do.

Thumbs up on this type of Insurance coverage.

The only problem I have with this is to get my Technicians to understand how the high deductable is a benefit to them. Till they pay the monthly rate on other Insurance programs plus your 20% and co-pay, you have nearly paid the high deductable and will still owe the 20% of all medical bills. They hear the $5,000. and freak. Go figure. :confused: