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Thread: Health Savings Account
01-19-2005, 02:19 PM #1Professional Member*
- Join Date
- Jul 2001
- Houston, TX
Does anyone have one and recommend this route vers the old and expensive health insurance coverage? The benefits seem to outway the traditional HMO/PPO plans. I like that the money is yours if not used, its tax free and gains interest.
01-19-2005, 03:14 PM #2Regular Guest
- Join Date
- Nov 2004
I have one, but I really don't think it's all that great. Paying full price for all medical bills and prescriptions until I reach my $1700 deductible can be a little salty. For example, I got sick this winter and had to go to the doctor. The office call and the strep test cost about $250. I got four prescriptions (I was really sick!) which totaled about $278. Well guess what? I only had about $125 left in my medical savings account, so the balance of $403 I had to pay out of pocket. Needless to say, at that time I really wished that I had a better plan!
01-19-2005, 05:14 PM #3
If you are talking about a Flex Spending account I use it and love it. You just have to be sure and use it all up before the end of the year or you loose it.
I do a bi-weekly deduction from my pay check and it ends up being around $500 bucks annually and I always wait till the end of November to claim it and it comes in time for Christmas money.
Now they have like a credit card with the account and from what I understand it's good up to the amount that will be deducted and you can use it for copays and such.What will your legacy be ??