Ramp up your HSA...

A couple of posters here have recognized the tax advantages of an HSA, which allows you to defer taxes on your contributions and still allows you retirement access for your accumulated values. For the most part, the major disadvantage of these accounts is the limited amount of investment options available for your funds.

This may be of interest to many of those using an HSA as a financial planning tool:

Source: http://finance.yahoo.com/banking-budgeting/article/103752/The-Best-Credit-Cards-and-Financial-Services;_ylt=Avxe0e7bs_7ZQCiA2.tluyW7YWsA?mod=oneclick

BEST HEALTH SAVINGS ACCOUNT FOR INVESTORS
Health Savings Administrators
HSA Resources Bank

With an account from Health Savings Administrators, you can build a portfolio with 21 low-cost Vanguard mutual funds. And you can invest immediately, instead of waiting to accumulate a large balance. For a broader investment menu, there's HSA Resources Bank, which lets you buy stocks, bonds and funds through a brokerage account with OptionsXpress.

I'm not going to include a link to the company itself. I just wanted to let a few of the posters with whom I am familiar, that these accounts are in place and available. You know who you are!

Thanks for the info.

I believe HSA'a have the potential to help help many, many Americans obtain a level of health coverage they need without the tremendous expense of obtaining health insurance from a traditional health insurance company. My HSA has allowed me to negotiate significant discounts on the services I receive by my physician.

Do you even have any idea what an HSA is?

Health Savings Account. Got the card in my wallet now.

To clarify even more...

A Health Savings Account is an alternative to traditional health insurance. It is a savings product that offers a different way for consumers to pay for their health care. HSAs enable you to pay for current health expenses and save for future qualified medical and retiree health expenses on a tax-free basis.

To obtain a HSA, You must be covered by a High Deductible Health Plan (HDHP). A HDHP generally costs less than traditional health care coverage, so the money that you save on insurance can therefore be put into the Health Savings Account.

You own and you control the money in your HSA. Decisions on how to spend the money are made by you without relying on a third party or a health insurer. You will also decide what types of investments to make with the money in the account in order to make it grow.

Yes, I am very familiar with HSA's

Just checking bartimus. ;)

No problem.

I do feel the HSA is the perfect insurance/savings vehicle for possibly millions of families. Unfortunately, in my conversations with people all across the country, very few even know what a Health Savings Account is. So many people throw away hundreds of dollars a month on inadequate health insurance when they could be getting medical discounts and saving for future medical costs and savings at the same time.

The reason I asked was the multitude of insurance links you have displayed.

I do agree with you (now). We'll also continue to see the trend to more employer-sponsored HSAs as fully-insured traditional plans become cost prohibitive and deductibles rise. Obviously, the point of HSAs is cost-sharing with the insured; and employers and the government agree on this one. I surmise it will take a very large chunk out of making a visit to the doctor's office for a case of the sniffles or the emergency room for the flu.

My HSA has allowed me to negotiate significant discounts on the services I receive by my physician.I suppose this is still nagging me a bit. How does an HSA allow you to "negotiate significant discounts"? Seriously, I don't have one and I'm wondering does this actual happen because you are paying out of your own pocket? Do they feel bad and want to cut you a break?

My wife used to get free samples for prescriptions by saying she didn't have health insurance.

How does an HSA allow you to "negotiate significant discounts"?

It's a bit like getting a discount for paying cash for a vehicle. They are getting "full" payment upfront and immediately, provided they cut the bill by ..whatever percent or total you ask for. You can also do it just if you're paying cash -- essentially, you treat the HSA like a cash account, for the purposes of negotiating.

Thanks Puck. I was sort of thinking that was where bartimus was going. As I said, I have no personal experience with an HSA and that little bennie would be a great tidbit to learn about. Thanks for the education!

Not like I have any experience with it, though! The bill I get after my insurance coughs up -- I just cry a little, then write the check.

I just lost the qualification to continue with my HSA as I've transfered into a union represented position within my company. The union fought hard to keep their members fully insured, so this high deductable plan is not available to us... unions suck. They fight for the masses and screw the 10% with the discipline and brains to play this HSA for all it's worth..