Reply #111: No fees, as long as the bank already has your business

[DemReadingDU]

Spouse and I have to pay our own monthly expensive health insurance. In order to save on the monthly premiums, we went with a high deductible policy, $5000 for our family.

Because of the high deductible, we qualified for an HSA account. If we had the insurance company set up the HSA, there would be fees. Instead, we went to our bank, and set up the HSA ourselves. Because we already have business at the bank, the HSA has no extra fees.

The advantage of HSA is that we can put in the deductible amount and take if off our income to lessen the total amount that is paid for taxes.

So far we are basically healthy, generally using the HSA account for the occasional prescription. Annual physical exams, mammograms and pelvic exams are covered by this type of plan, in our area of the country.

Whatever is not used in the HSA will carry over year to year. If we had an accident or became very sick, the most per year, that we have to pay is the amount of the deductible, $5000.

Currently, the HSA is setup like a checking account with a debit card to pay for things like prescriptions.