Health Savings Account??? HSA Help?

Sorry for posting on a boating, but it always seems someone cam help.I need to change my health insurance and I was looking at coverage with an HSA? Anyone an expert on these? Are they good, bad or what?

Personally, I chose long term disability.. Never realalistcly thinking I would need it until I was OLD...But with cancer, it has come in really well. Both may be something you never need, but the LTD carries thru until your are older, and want to stay in your own home. A n HSA is a good thing as long as you only put enough in to cover your yearly expenses. (chsrged outside of insurance coverage)It is tax free. But, if you do not use it all. I believe you will lose it. Careful planning can definately save you some money!!! So, think about any deductibles you will be paying, and try not to contribute anymore. Just my opinion.... Those in the know..Please let us know!

I had a HSA account all last year...I work for the feds, so it was run by the feds (of course it needed some fine tuning).
I put into this account (before taxes, thusly tax free) $30 a pay period, so about $60 a month give or take a few bucks. There was no maintenance fee, no sign up fee, nothing except the postage to mail in my claim form and receipts. About every 2 to 3 months I would gather up my receipts (very important to keep these) and fill out the paperwork (available online) and send it in to them. About 2 weeks later I would find the monies direct deposited into my account. It worked out really well. You have until April (15th I think, not sure) of the following calendar year to withdraw that past year's funds that you've deposited.
The only downfall is that if you don't withdraw it by said date, you lose the monies...they go into the fed's pocketbook somewhere and you don't get it. You can submit doc visits, dentist visits, and OTC meds including supplies (bandages, Neosporin creams, etc). I only had two items rejected and one they couldn't read the receipt and the other was not accepted because it wasn't on the "list" of things...I think it was some weird supply item or something that I actually just tried to see if it would pass the test.
It worked out well for me...just plan accordingly for your deposits into the account and make sure you're able to use them for your medical expenses.
This year, through my health insurance company, I'm enrolled in a Medical Savings Account with the same principal except it can keep growing and growing forever, I never lose the money. I/they contribute $120 a month into the account and I have a debit card/checks that are linked to that account. It works like a checking account with very little oversight on how you spend it. I'm very careful and still keep my receipts in case I get audited or there's ever a question and never spend that money on anything other than medical.
Unfortunately this year, I won't have a problem, the medical bills will suck all that money out and thensome. :rollside:
Good luck.
Toby

HSA's do not have a "use it or loose it" feature. The excess funds stay invested and can be used at a later date. In fact, you can use the excess funds for retirement after age 591/2. Although, the distributions would be taxable. Section 125 (Cafeteria Plans) have the "use it or loose it" feature. HSA's are best used with a high deductible health insurance plan. Currently CA does not conform to Federal law, so there would be NO deduction. CA may conform at a later date. Talk to a good health insurance agent for all the ins and outs of these plans. Good luck.