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 and the maximum IRS limits for HSA’s.

Individual HSA plans: If you own an HSA health plan on your own, and depending on the state you live in, normal maternity and delivery is probably NOT covered (not until 2014 when PPACA mandates it). BUT, complications from pregnancy (like emergency C sections), are covered under individual HSA plans but subject to deductible.

First, you will want to call your OBGYN and ask about a flat fee from 1st visit to delivery.  Let’s say $1500.

Next, you will want to call your local hospitals and ask for pre-negotiated maternity package.  Let’s say $3500.  Anesthesiologists, if needed, may cost more.

If your OBGYN does not include lab work, it might make sense to order your own lab work online without a prescription needed. Be a better consumer if your health plan does not cover it.  HSA Consumer offers cheaper lab options for cash payers.

Other ways to save money is to have a professional HSA medical bill negotiator work out a fair price beforehand.  Or, you may find other maternity items for less cost online at drugstore.com or other websites.

Other pages on the HSA Consumer website will be very helpful for you to utilize the savings account tool, like medical bill negotiating, or maternity items from drugstore.com and what other maternity items are eligible tax deductions. etc.

Lastly, be sure to open up an HSA bank account immediately, and start funding it. The maximum is $3100 for an individual, and $6250 for an individual in 2012.  Earmark and utilize the HSA money to pay for bills as they come in.  By running the money through an HSA bank account, you turn your out of pocket expenses into a tax deduction.

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