HSA’s and Maternity Coverage

I’m pregnant, and I own an HSA Health Savings Account plan.  What do I do? First, congratulations on your baby!  Planning financially is the one item that most think about first. Employer Group HSA plans:  if you are on a employer HSA plan, maternity is most likely covered and subject to the deductible. Be sure you stay in network, and open up a HSA bank account at some institution immediately.  Only expenses after you set up the HSA account are eligible for a tax deduction.  You will probably hit your deductible, and the entire amount may be tax deductible depending on the deductible...

read more

Low balance in your HSA? Need to see a doctor?

Everyone needs health care at some point in time, but not everyone has prepared accordingly, or in a financial position to take care of surprise expenses. This often occurs with people who own Health Savings Accounts.  The good news is that if you understand the tools you have access to with your HSA plan, you can recover quickly if you are HSA educated! Here is the game plan if you find yourself in this predicament: First, take care of your health.  Go to the doctor, stay in network, and you’ll get the network discounted price. Have the doctor send a claim to the insurance company, it...

read more

Why an HSA health plan is better than a Copay plan

Why is a Health Savings Account health insurance plan better than a copay plan? An HSA is a better plan if you’re focused on your out of pocket maximum. If so, an HSA cannot be beat. The reason is because you have a defined out of pocket maximum. With your typical PPO Copay plan, you’ll have a deductible, 80/20 coinsurance, plus doctor copays, Rx deductible and Rx copays. But, COPAYS are sometimes forever. Let’s imagine a broken back, surgery, pain meds and 3 X a week physical therapy for 6 months. Copays will rack up over $400/mo or more, they rarely go towards the...

read more

Time to Make Your 2011 HSA Contribution

I started preparing my taxes for the 2011 tax year, and just dropped my $6150 family HSA contribution for 2011 in the mail.  Yes, even though it’s March of 2012, I can still contribute for 2011 tax year up until April 15th, 2012 (April 17th actually this year).  It must be in the bank custodians’ hands by that date, postmarked dates don’t count. You also must have had a HDHP health insurance plan in place by Nov 30th, 2011 and plan to hold onto the plan for 12 consecutive months. I look forward this one of only a few tax deductions I get each year to lower my tax bill.  I...

read more

HSA Education for Employees

As I was updating the HSAconsumer.com website, I came across this article discussing the need to “engage” employees in leveraging their HSA Health Savings Account.  This is exactly the whole purpose of our website…..to engage and educate employees who have questions.  How do I save in an HSA? How do I spend my HSA money correctly? HSAconsumer.com was developed to answer these questions for no charge, and complement the HSA educational need that’s expressed in the article below. But HSA’s are a complicated product, and nobody has enough time in the day to become...

read more