Has anyone here switched over from "regular' health insurance or no insurance
This is more like what traditional major medical insurance plans had. Otherwise, your family must meet the family deductible even if only one person had the medical conditions- as of July, i am uninsured. just what has to happen for now!. no money honey!
- Yes I did and, as a former actuary, I think it is an excellent system. It is probably the best model we have today but it can stand some improvements. First, it is coupled with a high deductible major medical plan. Properly arranged, the premiums and all money put into the savings account are untaxed, even by Social Security and Medicare taxes. The savings account is used to pay the bills that are not covered by the insurance, including the deductible. Therefore ALL your medical bills are paid with pre - tax dollars. In addition, you are not paying for the insurer's overhead and profits on the bills you pay yourself, out of your saving account funded with pre - tax dollars. One of the principles of good insurance is to only insure against something that is highly unlikely to happen but if it does, it is financially devastating. Another principle is that the cheapest insurance is self - insurance. An H. S. A. meets that very well. As to the cons, when one starts such a plan, the savings may not have built up enough when catastrophe hits. Newer plans are taking that into account with some supplemental coverage. Another flaw in today's plans is providing first dollar coverage that does not meet the definition of an insurable event principle one. That might be an annual physical. In my opinion, such costs are normal maintenance, like oil changes for your car. They could be conditions to keep one in a better premium cl rather than something the plan covers
- I have never heard of that, Kim. Not sure how it differs from a regular ol' savings acct. But it does make me think there might be ways to get a large group of people to pool money privately to provide their own insurance. Perhaps it works that way?
- Hi, Kim. A health savings accounts does not take the place of insurance. The amount you can contribute to the account is either $2, 500 or $3, 000 per year. Tax deductible. The exact amount escapes me. Medical bills are not tax deductible until one reaches the 7% aggregate of deductible expenses. By putting money into a HSA, you can deduct, obviously, dollar one. It's used to pay your co - pays if you have insurance, your initial deductible, whatever. It is not a subs ute for a full health insurance policy, but is a great adjunct. Here's more: treas. gov / offices / public - affairs / hsa / - Your back - up policy must have a deductible of "so much" in order to be eligible for an HSA. I think it's $1200
- treas. gov / offices / public - affairs / hsa /
- I did not know there was a health savings account plan available
- If you do not use the entire amount that you allocate to a health savings plan, you lose it at the end of the year. Just something to consider
Knowledge Base
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Knowledge Base: Medical Insurance
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Knowledge Base: Major Medical Insurance
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Has anyone here switched over from "regular' health insurance or no insurance
this is more like what traditional major medical insurance plans had. otherwise, your family must meet the family deductible even if only one person had the medical conditions. treas. gov / offices / public - affairs / hsa / . yes i did and, as a former actuary, i think (major medical insurance)
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