Understanding HSA Health Plans
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Many employers & individuals see HSAs as an option to enhance awareness and consumerism of health care costs, but it takes some effort to help employees fully realize how HSAs work.
Individuals shopping for health insurance can get the same deductible as a PPO Copay option for a lower monthly premium & save money if a catastrophic event occurs by putting a 100% carrier responsibility behind the deductible. Preventative service are covered at 100% just as it is on a copay plan. An HSA plan accesses the same network as the copay plan and the major difference is the option to have no co insurance once the deductible is met, and instead of copays for office visits, specialist visits, and prescriptions, the HSA makes these subject to the deductible so you still receive the carrier discounts until the deductible is met.
Traditionally, HSAs have been seen as a type of plan that is best for people with few health issues. HSAs can benefit all types of people , no matter their health care costs, if they are willing to take an active role in their health and consumption.
For many employees and individuals, understanding what is covered by HSAs can be tricky, and employers should help employees realize these limitations. An HSA can be used to purchase any good; however, if the purchase ends up being for an item that is not a qualified medical expense, the health care reform law mandates that the buyer is assessed a 20 percent penalty fee, which can be surprising when it comes time to file taxes.
Other types of accounts like a health FSA or health reimbursement account require all expenses to be substantiated, so you can only use your health FSA or HRA for qualified medical expenses. In some cases, if a plan has a debit card, the debit card won’t even work if it’s not being used on eligible expense. With the most HSAs, there’s not a limit, so when people use HSAs to buy just anything, they find out that it comes with the price.
While continuing education is important for all benefits programs, it is especially necessary for HSAs. One of the biggest mistakes employees and individuals make with HSAs is not putting away enough money. When a big claim occurs there are not enough funds in their accounts to cover the expense once the carrier has processed the claims and assigned the discounts.
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