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Monday, August 24, 2015

Mid year is a great time to look at the differences between a medical FSA and a health savings account.

An FSA Perspective:

Medical FSA funding is limited to $2,550 in 2015.  You decide how much, up to that limit, you want to fund at the beginning of the FSA plan year.  This is based on expenses you think you may have during the year.  The funds are pulled from your payroll by your employer and put into the FSA. 

It works great if you have routine expenses.  For example, you could set aside money for your son’s orthodontist bill, chiropractic visits to unkink your back, and those yearly visits to the dermatologist for a skin scan.

By mid year, your expenses should be matching your FSA payroll funding.  If they don’t and you end up with too much money in your account, you could lose those funds.  It happens more than you would think, excess money in your FSA.  Extra money is usually not a problem for most people, unless it has a chance of “disappearing” into thin air.  If you do not use the funds in your FSA by year end, you could lose it unless your employer allows for a grace period to use up the funds or they allow a $500 carryover into the next plan year.  If not, the money goes back to the employer!

An HSA Perspective:

With the HSA, you can fund the account and spend it the way you need to.  What ever is left in your account on December 31st, simply rolls over to the next year on January 1, building a balance for the future.  There are no restrictions on when it has to be used and no limit on how much can be left in the account.  How much can you contribute to your HSA in 2015?

  • Single Contribution Amount $3350 (+$1000 catch up for those 55 and older)
  • Family Contribution Amount $6650 (+$1000 catch up for those 55 and older)

So relax, enjoy the rest of your summer.  Your HSA will be there when you need it.  No worries that you will be losing valuable healthcare dollars.  You and your HSA can roll on together for years.

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Posted by HSA Admin at 8/24/2015 4:13:00 PM
Monday, July 20, 2015

Are you feeling a little lost in the sea of options for healthcare policies?  Let us help you navigate the waters to find out if a health savings account (HSA) is the right choice.

Having an HSA helps you save money for all your health care needs.

Jenny and Rob, a young couple just starting out, have looked around at all sorts of policies.  They are newly wed, and just bought their first home.  Jenny runs her own home internet business and Rob works for an engineering firm that offers a PPO and an HSA option.  His employer will fund a portion of the HSA yearly.  Rob can fund the balance up to the annual HSA contribution limit set by the IRS.  They can save money and work to keep their healthcare costs down.  They own the money in the account, and if they relocate to another job, city, or state, the funds go with them.

They found that with the HSA, the plan costs less but has a higher deductible.  Their doctor visits per year are few.  It makes sense to consider a high deductible plan.  And the best part?  They can have an HSA and fund it each year, giving them a medical security blanket and tax benefit.  It’s the best of both worlds!

 What’s the best buy for me?

Employer paid, low deductible plans have been the standard in America for decades.  Medical/Health Savings Accounts coupled with a high deductible insurance policy were ground breaking when introduced in the 90's.  For the first time in years, consumer driven healthcare came to the forefront of thought.    We could make informed healthcare choices, save money on healthcare premiums and get a tax benefit, all at once.

When considering signing up for an HDHP look at how you participate in the medical system.  This will help you determine how to fund your HSA.  When you visit the doctor, you pay for services from your HSA until your insurance deductible is met.  If you can pay in full in at time of service, the doctor may be willing to discount costs.

Being smart and savvy…

Having a say in how your healthcare dollars are spent is a great feeling.  Having your HSA funded and there for you when you need it, makes you one smart consumer!

Blog Written By: Robin Vankleek

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Posted by HSA Admin at 7/20/2015 10:13:00 PM
Thursday, August 7, 2014

Admit it, you weren’t thinking about a quick trip to the ‘doc in the box’ when you were out water skiing last weekend.

The sun was hot, the water was inviting, you were looking cool, and then ….splat!  You hit that wake from a passing boat.

At first, the only thing that hurt was your pride and you quickly told everyone you were just fine.  However; by the next day, you were hobbling around like Granddad does and decided you had better get checked out.

It’s amazing how quick an accident can happen and how costly it can be.  That trip to the doctor’s office would have set you back some serious cash, but you weren’t worried.

Thank goodness for your HSA and the fact that you consistently fund it!  A lesson you learned back in January when you twisted your ankle skiing...

Moral of the Story

Sock away some funds for your weekend warrior adventures. With an HSA, instead of saving for a rainy day, you save for a healthy future.  And along the way, if something comes up (wake board face plant) you have it covered!

With your American Health Value HSA, you have your debit card and checks to access funds as soon as you need.

Don’t have an HSA yet? Give us a call (1-800-914-3248) or visit our secure website to open your HSA online.

2014 HSA contribution limits:

  • Family Coverage - $6550.00
  • Single Coverage - $3300.00
  • $1000 catch up for those 55 and older

Before you know it, you’ll be diving off the dock Labor Day Weekend.

Have fun and be careful!

Blog Written By: Robin Vankleek

Images Courtesy of: Robin Vankleek

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Posted by HSA Admin at 8/7/2014 10:37:00 PM
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