HSA Blog


Prescription Savings – May 9, 2011 Ask your doctor about generic alternatives, stores such as Walmart and Safeway are offering prescriptions for as low as $4 per 30-day supply.
Keep Your Receipts – May 3, 2011 Be sure to keep all medical, dental & vision receipts in case your accountant wants to see them, or the IRS in an audit.

HSA contributions for 2012 – It’s not too late !

Posted by on Feb 27, 2013 in HSA Contributions, HSA Education | 0 comments

If you owned an HSA eligible high deductible health insurance plan (HDHP) in 2012, don’t forget to make your Health Savings Account contribution for the 2012 tax year, by April 15th 2013, to save on your taxes owed or to get a larger tax refund.   In addition to the tax benefits, it also forces you to save for your future medical, dental and vision expenses.  2012 contribution maximums are $3100 for an individual, and $6250 for a family (2 or more).   Remember, you must pro-rate the amount based on the total number of FULL months you...

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HSA Becomes More Attractive in 2013

Posted by on Jan 15, 2013 in HSA Contributions, HSA Education, IRS Regulations & Updates | 0 comments

Starting in 2013, Health Savings Accounts (HSA’s) become a lot more attractive due to a couple changes that take effect this year which are part of the new health care reform law (PPACA). 1.  Flexible Spending Accounts (FSA’s), which are “use it or lose it” type of account, are now capped at $2500 (down from the current $5000 limit) 2.  The percentage level where you can itemize your out of pocket expenses on Schedule A for medical, dental and vision expenses increases from 7.5% up to 10% of your adjusted gross income...

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HSA’s and Maternity Coverage

Posted by on Mar 22, 2012 in Consumers, Eligible HSA Expenses, HSA Contributions, HSA Education, HSA Tips, Physician & Lab Discounts | 0 comments

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...

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

Posted by on Mar 22, 2012 in Consumers, Eligible HSA Expenses, HSA Contributions, HSA Education, HSA Health Plans, Physician & Lab Discounts | 0 comments

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...

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Why an HSA health plan is better than a Copay plan

Posted by on Mar 22, 2012 in Consumers, HSA Education, HSA Health Plans, IRS Regulations & Updates | 0 comments

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...

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Time to Make Your 2011 HSA Contribution

Posted by on Mar 5, 2012 in HSA Contributions, IRS Regulations & Updates | 0 comments

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...

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HSA Education for Employees

Posted by on Mar 5, 2012 in Eligible HSA Expenses, HSA calculators, HSA Contributions, HSA Education | 0 comments

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...

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Health Savings Accounts-2012 Indexed Amounts

Posted by on May 27, 2011 in HSA Contributions, HSA Education, IRS Regulations & Updates | 0 comments

Medical inflation continues to rise, so the IRS has rolled out 2012 Inflation adjustments for HSA Health Savings Account.  Maximum allowable 2012 contributions for HSA’s are raised to $3100 (individual), and $6250 for family.  Accordingly, out of pocket maximums for HSA qualified health plans have also risen. Visit our HSA Education page for 2011 contribution information.   Health Savings Accounts – 2012 Indexed Amounts (U.S. Department of the Treasury) 5/16/2011 Part III Administrative, Procedural, and Miscellaneous 26 CFR...

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Blood & Lab Work Without a Prescription

Posted by on May 18, 2011 in Eligible HSA Expenses, HSA Tips, Physician & Lab Discounts, Preventative Care Discounts | 0 comments

Laboratory tests is one area that proves the consumer can reduce medical pricing if injected into the purchasing and decision making process. There are many players in the business like DirectLabs and MyMedLab who provide consumers access to transparent pricing, at low cost with high quality service. Consumers always demand the best quality at the lowest price in every industry…..except for health care. In addition to saving on the actual cost of the lab, the consumer no longer has to pay a doctor to write the lab prescription, and no...

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Prescription Savings

Posted by on May 9, 2011 in Consumers, HSA Education, HSA Tips, Rx / Pharmacy Information | 0 comments

Prescriptions and Rx is another example where transparent pricing has enabled the consumer to drive down prices, and demand higher quality. There are many online companies that provide that lower price / higher quality, and can be found on the Pharmacy discounts page below. Health Savings Accounts have been a major force in the growth of this sector. Online vendors are able to write prescriptions orders for most drugs over the phone or internet.  By having this capability, it eliminates waste, including the cost of seeing a doctor to write...

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