Cassandra
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Tue Apr-03-07 11:40 AM
Response to Original message |
| 66. Imagine you're a young couple with a new baby... |
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born prematurely and you haven't had a chance to put much into an HSA and the baby needs hundreds of thousands of dollars of medical help. Then what good is an HSA?
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| -"Health Savings Accounts" - WTF Good Are They? |
K8-EEE |
Apr-03-07 10:43 AM |
#0 |
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They are nothing like insurance |
gollygee |
Apr-03-07 10:46 AM |
#1 |
  -
Arguing over the crumbs... |
warren pease |
Apr-03-07 12:36 PM |
#83 |
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I agree |
gollygee |
Apr-03-07 02:03 PM |
#115 |
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It's just another way to give a tax dodge to people that need places to hide money. |
Nickster |
Apr-03-07 10:46 AM |
#2 |
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It came in really handy for us. |
RC Quake |
Apr-03-07 11:02 AM |
#30 |
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well, good thing for you that you have that kind of money coming in |
ComerPerro |
Apr-03-07 11:46 AM |
#71 |
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Too bad you lose the money if you don't use it. |
Show_Me _The_Truth |
Apr-03-07 11:07 AM |
#34 |
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Actually, an HSA lets you carry the money over, but it's not a good deal if |
Lydia Leftcoast |
Apr-03-07 11:10 AM |
#42 |
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Okay then I'll add a |
Show_Me _The_Truth |
Apr-03-07 01:37 PM |
#108 |
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Thats a Flex Account, not a HSA. |
newportdadde |
Apr-03-07 12:28 PM |
#81 |
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They are great for mutual funds and banks ... |
antigop |
Apr-03-07 10:47 AM |
#3 |
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Hmmm. Republican ideas almost always spring forth |
truedelphi |
Apr-03-07 03:32 PM |
#126 |
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They are not a replacement for insurance, but can help. |
uppityperson |
Apr-03-07 10:47 AM |
#4 |
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Yep. |
Gormy Cuss |
Apr-03-07 10:50 AM |
#9 |
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Many companies are forcing their employees to use them |
liberal N proud |
Apr-03-07 10:47 AM |
#5 |
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Yeah - you'd have to know you were going to have a health issue come up |
gollygee |
Apr-03-07 10:49 AM |
#6 |
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I don't think that is correct..... |
antigop |
Apr-03-07 10:50 AM |
#10 |
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Oh well then I've been confused too |
gollygee |
Apr-03-07 10:51 AM |
#13 |
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What our company is using they are calling an HSA |
liberal N proud |
Apr-03-07 10:52 AM |
#18 |
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HSAs can roll over from year to year |
antigop |
Apr-03-07 10:54 AM |
#21 |
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I used to work for a company that offered what they called HSAs |
Lasher |
Apr-03-07 11:10 AM |
# |
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Yes, I think at some companies they were misnamed ---- |
antigop |
Apr-03-07 11:13 AM |
#46 |
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Dupe |
Lasher |
Apr-03-07 11:11 AM |
#44 |
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no, MSAs rollover |
northzax |
Apr-03-07 01:34 PM |
#107 |
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Please read the following................... |
antigop |
Apr-03-07 01:58 PM |
#112 |
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you are correct. It is a high deductable health insurance policy. |
ourbluenation |
Apr-03-07 10:55 AM |
#24 |
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it's a good problem to have, not needing to dip into the HSA money |
renate |
Apr-03-07 10:51 AM |
#14 |
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So 75% of those who opened health savings accounts are INSURED? |
jobycom |
Apr-03-07 10:49 AM |
#7 |
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the idea is catastrophic coverage (high deductable, low monthly |
salin |
Apr-03-07 10:52 AM |
#16 |
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Exactly n/t |
antigop |
Apr-03-07 10:55 AM |
#22 |
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And the premium isn't that low |
Lydia Leftcoast |
Apr-03-07 11:00 AM |
#28 |
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Contemporary Insurance Companies = Modern Robber Barons |
salin |
Apr-03-07 11:02 AM |
#29 |
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Instead of regular co-pay type insurance or in addition? |
jobycom |
Apr-03-07 11:04 AM |
#32 |
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bushco are trying to push this as in place of regular insurance |
salin |
Apr-03-07 11:22 AM |
#54 |
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But, but, but... |
mentalsolstice |
Apr-03-07 12:16 PM |
#79 |
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he OWNS contemporary irony. the master of irony. |
salin |
Apr-03-07 02:24 PM |
#117 |
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Also, a replacement for Medicare, imo n/t |
antigop |
Apr-03-07 01:01 PM |
#89 |
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If they can - they will... |
salin |
Apr-03-07 02:26 PM |
#120 |
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You have to be insured to open an HSA. |
Arkansas Granny |
Apr-03-07 11:06 AM |
#33 |
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Then what did Bush mean when he said 25% were uninsured? |
jobycom |
Apr-03-07 11:15 AM |
#49 |
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Who knows what he meant. I had checked on a HSA for myself |
Arkansas Granny |
Apr-03-07 11:25 AM |
#55 |
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yeah, its kind of a way of asking insurance companies to pay less |
ComerPerro |
Apr-03-07 11:47 AM |
# |
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Eventually instead of offering health insurance companies will |
Skink |
Apr-03-07 10:49 AM |
#8 |
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Fees. And collect lots of fees. Wonderful, for the banking lobby. nt |
donkeyotay |
Apr-03-07 10:55 AM |
#25 |
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Exactly -- see reply #10. Also insurance companies benefit from high-deductible policies n/t |
antigop |
Apr-03-07 10:57 AM |
#26 |
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No fees, as long as the bank already has your business |
DemReadingDU |
Apr-03-07 01:56 PM |
#111 |
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depends on the bank....shop around n/t |
antigop |
Apr-03-07 01:59 PM |
#113 |
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They are an IRA you can use in an emergency |
TechBear_Seattle |
Apr-03-07 10:51 AM |
#11 |
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hr manager here.... |
ourbluenation |
Apr-03-07 10:51 AM |
#12 |
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They surly help the institutions holding your money |
havocmom |
Apr-03-07 10:52 AM |
#15 |
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we had one last year....just a scam to make whopping deductibles look palatable... |
blitzen |
Apr-03-07 10:52 AM |
#17 |
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It is the beginnings of a shift from defined benefit healthcare to defined contribution |
antigop |
Apr-03-07 10:53 AM |
#19 |
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Exactly right, antigop |
Lasher |
Apr-03-07 11:25 AM |
#56 |
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Also, establish a "replacement plan" for Medicare n/t |
antigop |
Apr-03-07 01:02 PM |
#90 |
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More info in post #100 below...... n/t |
antigop |
Apr-03-07 01:18 PM |
#101 |
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Our company was given no choice from our insurance provider. |
Hong Kong Cavalier |
Apr-03-07 10:54 AM |
#20 |
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Translation |
Warpy |
Apr-03-07 10:55 AM |
#23 |
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Exactly to the reality line of this for many. It will benefit only those of |
The Wielding Truth |
Apr-03-07 02:25 PM |
#119 |
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Here's how it actually works: (I investigated and rejected the option) |
Lydia Leftcoast |
Apr-03-07 10:58 AM |
#27 |
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Still think universal coverage is a bad idea? |
Skink |
Apr-03-07 11:07 AM |
#35 |
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Glad to hear that, because I know enough about other countries' systems |
Lydia Leftcoast |
Apr-03-07 11:08 AM |
#39 |
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Dh's employer offers them as well |
missb |
Apr-03-07 11:08 AM |
#38 |
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Ours is with a high-deductible plan ($5,000/yr indiv, $7,500/family). |
fifthgendem |
Apr-03-07 06:38 PM |
#134 |
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Our employer pays the monthly contribution. The problem is that the employee |
ourbluenation |
Apr-03-07 11:10 AM |
#41 |
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In our area, the HSA policy was lots cheaper |
DemReadingDU |
Apr-03-07 02:06 PM |
#116 |
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My opinion -- this is the GOP plan to destroy Medicare |
antigop |
Apr-03-07 11:03 AM |
#31 |
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But Medicare would NOT be in such bad shape if |
Lydia Leftcoast |
Apr-03-07 11:07 AM |
#37 |
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Absolutely! No argument from me. But the GOP needs a "replacement" for Medicare... |
antigop |
Apr-03-07 11:09 AM |
#40 |
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I agree, Medicare is in horrible shape, worse than SS |
DemReadingDU |
Apr-03-07 02:24 PM |
#118 |
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it is a joke from the Elitist WH and their cabel |
rodeodance |
Apr-03-07 11:07 AM |
#36 |
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Here is what I tell people -- I'll believe health savings accounts are a good idea when... |
antigop |
Apr-03-07 11:11 AM |
#43 |
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Bush needs a crash course on HSA's. He is putting out false |
Arkansas Granny |
Apr-03-07 11:11 AM |
#45 |
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I've contributed the max into mine for the last two years |
RGBolen |
Apr-03-07 11:14 AM |
#47 |
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They are not a great deal for many people |
antigop |
Apr-03-07 11:17 AM |
#51 |
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Our employer makes the contribution on behalf of the employee. |
ourbluenation |
Apr-03-07 11:33 AM |
#60 |
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Yes, some companies make the contribution on behalf of the employee |
antigop |
Apr-03-07 12:56 PM |
#87 |
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This assumes an income that allows you to pay an unexpected $5000 |
Lydia Leftcoast |
Apr-03-07 11:20 AM |
#52 |
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the money for the deductable is in the HSA |
RGBolen |
Apr-03-07 11:27 AM |
#57 |
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Yes, which still assumes the ability to set aside $400+ every month |
Lydia Leftcoast |
Apr-03-07 11:39 AM |
#65 |
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I've just made my contribution into it once a year |
RGBolen |
Apr-03-07 11:43 AM |
#70 |
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Right, which means you have $5000 lying around ready to put in |
Lydia Leftcoast |
Apr-03-07 12:06 PM |
#78 |
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Same here |
DemReadingDU |
Apr-03-07 02:28 PM |
#121 |
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Very interesting responses here..... |
K8-EEE |
Apr-03-07 11:14 AM |
#48 |
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I think HSA's are a good option for young people who's employer makes the monthly contribution |
ourbluenation |
Apr-03-07 11:37 AM |
#63 |
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NO, NO, NO -- you need the healthy people to help subsidize the less healthy |
antigop |
Apr-03-07 01:04 PM |
#92 |
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Technically... |
Vulture |
Apr-03-07 01:31 PM |
#106 |
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Methinks you need to do some more reading..................... n/t |
antigop |
Apr-03-07 02:01 PM |
#114 |
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You some good points |
gravity |
Apr-03-07 06:51 PM |
#135 |
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Ssssh! Don't give them ideas! |
Lydia Leftcoast |
Apr-03-07 11:40 AM |
#67 |
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I'm glad you asked that question |
Lasher |
Apr-03-07 11:56 AM |
#75 |
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You get it, Lasher! But also think "Medicare replacement" n/t |
antigop |
Apr-03-07 01:05 PM |
#93 |
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There is in fact already a similar thing now. My wife and I use it and it is effective. |
DuaneBidoux |
Apr-03-07 11:17 AM |
#50 |
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that's a FSA not a HSA |
RGBolen |
Apr-03-07 11:33 AM |
#61 |
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I know that...but the principle is virtually identical. |
DuaneBidoux |
Apr-03-07 02:42 PM |
#123 |
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Good info from cbpp.org website -- PLEASE READ |
antigop |
Apr-03-07 11:22 AM |
#53 |
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Thanks for this... |
K8-EEE |
Apr-03-07 12:51 PM |
#85 |
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Health savings account are part of the GOP agenda -- it's right there on the GOP website |
antigop |
Apr-03-07 01:00 PM |
#88 |
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They are a good distraction. |
endarkenment |
Apr-03-07 11:29 AM |
#58 |
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Then keep taking more and more away |
Lasher |
Apr-03-07 01:03 PM |
#91 |
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BINGO! I'll try to dig up an article n/t |
antigop |
Apr-03-07 01:06 PM |
#94 |
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Found it -- it's FAS106 -- Ellen Schultz from WSJ |
antigop |
Apr-03-07 01:08 PM |
#97 |
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Ellen has done a lot of good work reporting this type of thing |
Lasher |
Apr-03-07 03:25 PM |
#124 |
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$50,000 and you are elderly: hip replacements, knee replacements, |
jwirr |
Apr-03-07 11:32 AM |
#59 |
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It's not meant for that. It's a supplemental to a regular insurance policy. |
ourbluenation |
Apr-03-07 11:38 AM |
#64 |
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And if *ss manages to destroy medicare? He wants to replace all |
jwirr |
Apr-03-07 11:49 AM |
#73 |
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Did you know you're supposed to retire with an extra $200,000 |
K8-EEE |
Apr-03-07 12:49 PM |
#84 |
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But the insurance policy has to be high-deductible n/.t |
antigop |
Apr-03-07 01:19 PM |
#102 |
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And I don't think their entire "plan" has unfolded yet |
antigop |
Apr-03-07 01:21 PM |
#103 |
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They are a blessing--but I'd rather have a single payer health care system instead. |
blondeatlast |
Apr-03-07 11:33 AM |
#62 |
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Imagine you're a young couple with a new baby... |
Cassandra |
Apr-03-07 11:40 AM |
#66 |
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True, the best advice is "don't get sick and don't have sick kids!" |
K8-EEE |
Apr-03-07 12:00 PM |
#76 |
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I have one. |
qwlauren35 |
Apr-03-07 11:42 AM |
#68 |
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Ask Bill Richardson; he is a big supporter of health savings accounts. |
Czolgosz |
Apr-03-07 11:42 AM |
#69 |
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Bill who? |
Lasher |
Apr-03-07 03:53 PM |
#129 |
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If you think that's bad, you should see Bill DINO's defense of Abu Gonzales: |
Czolgosz |
Apr-03-07 04:10 PM |
#131 |
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Bogotry takes on many forms |
Lasher |
Apr-03-07 04:21 PM |
#132 |
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There are LOTS of reasons why Richardson ranks with Hillary on my least favorite candidate list (but |
Czolgosz |
Apr-03-07 04:38 PM |
#133 |
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If you have kids and can estimate their HC costs ( in our case it's dental + braces) |
mod mom |
Apr-03-07 11:47 AM |
#72 |
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No, no, no--that's not an HSA |
Lydia Leftcoast |
Apr-03-07 12:05 PM |
#77 |
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I believe you are technically correct but I think the terms have become interchangeable |
Lasher |
Apr-03-07 04:04 PM |
#130 |
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Big Pharma gets bigger. nt |
valerief |
Apr-03-07 11:56 AM |
#74 |
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Recommend - and ask others to do the same |
salin |
Apr-03-07 12:26 PM |
#80 |
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I wouldn't mind |
Dorian Gray |
Apr-03-07 12:32 PM |
#82 |
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K&R |
Hubert Flottz |
Apr-03-07 12:56 PM |
#86 |
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Everyone - Flex Savings Accounts and Health Savings Accounts are not the same. |
newportdadde |
Apr-03-07 01:07 PM |
#95 |
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By the time I'm 45, my prescriptions alone will have cost over 1.5 million dollars. |
kiahzero |
Apr-03-07 01:07 PM |
#96 |
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A brief overview of the flaws of health savings accounts |
antigop |
Apr-03-07 01:13 PM |
#98 |
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I Have One Simple Question |
Yavin4 |
Apr-03-07 01:16 PM |
#99 |
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Another great article from the CBPP -- it describes the "plan" |
antigop |
Apr-03-07 01:17 PM |
#100 |
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Worthy of an OP, methinks (EOM) |
Lasher |
Apr-03-07 02:38 PM |
#122 |
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HSAs are good for people who are young & rich & don't get sick. |
baldguy |
Apr-03-07 01:23 PM |
#104 |
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Great article by Krugman -- Medical Class Warfare--describes problems with HSAs |
antigop |
Apr-03-07 01:25 PM |
#105 |
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Payroll/Benefits Administrator here |
REACTIVATED IN CT |
Apr-03-07 01:46 PM |
#109 |
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HDSA/HSAs can also be used to destroy existing traditional employer-provided healthcare |
Lasher |
Apr-03-07 03:31 PM |
#125 |
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Like most repuke programs, it does nothing for the ones most needing help. |
Sapere aude |
Apr-03-07 01:54 PM |
#110 |
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No damn good at all. |
bunkerbuster1 |
Apr-03-07 03:34 PM |
#127 |
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Glad to see this made the greatest page |
Lasher |
Apr-03-07 03:35 PM |
#128 |
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It's like your county property tax office writing you a big fat check-- |
eridani |
Apr-04-07 02:42 AM |
#136 |
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