|
FAQ
What
happens if we get sick the first year and don’t have the
deductible?
**What
happens with your current plan? You pay the deductible right?
With the HSA you would also pay the deductible, but you could
rotate the money through the trust fund and pay with tax-free
dollars. Doesn’t that make better sense?
________________________________________________________________________
What
happens to the money after the first year?
**Good
question. Your money continues to grow tax free if you don’t
use it for medical expenses.
________________________________________________________________________
Can
I take out money for things other than medical bills?
**It
is your money and you can take it out for any reason, however,
if you take it out for non-medically related expenses, you will
pay taxes on the money you take out and the IRS penalty.
________________________________________________________________________
Can
I pay the premium with tax-free money from the HSA account?
**No.
The only premium you can pay with tax-free money is the Long Term
Care premiums.
________________________________________________________________________
Can
I pay deductibles and co-pays with tax-free money from the HSA
account?
**Yes
you can. That is one of the main functions of the HSA.
________________________________________________________________________
Do
I need to go to certain doctors and hospitals?
**You
have total freedom of choice for doctors or hospitals.
________________________________________________________________________
What
happens when I turn 65?
**Any
monies in your HSA account remain in that account until you spend
them, or roll them into an IRA, or withdraw them for other reasons.
________________________________________________________________________
Why
didn’t my accountant tell me about this plan?
**If
your accountant is like my accountant he doesn’t really tell
you what car or house to buy, or what health insurance to purchase.
Accountants just tell how much tax to pay after we give them our
numbers. But would you mind passing my cards on to your accountant?
________________________________________________________________________
What
happens to the money if I go to work for a big company that pays
benefits?
**You
would not need the catastrophic HSA health insurance, however,
your HSA trust fund would still be available to pay deductibles
and miscellaneous medical expenses until it expired.
________________________________________________________________________
What
happens if I get sick and can’t pay my premiums?
**If
you don’t pay your HSA premiums you will lose your coverage,
however, your HSA trust fund will still be there.
________________________________________________________________________
Where
do I put the HSA money?
**By
law, any IRA custodian is also a HSA custodian. You decide where
you money goes and how it is invested; after all, it is your money.
________________________________________________________________________
If
I pay the HSA premium of $200 and pay the HSA account $300 a month
this is the same cost as my Blue Cross, why should I change ?
**Let
me ask you this, if you pay a $200 a month health insurance premiums
and you take $300 a month and put it in a savings account with
your name on it, have you spent $500 or have you spent $200 and
saved $300? Is this beginning to make sense to you?
|
