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Discussion » Questions » Politics » What IS a health savings account?? Do I make all the deposits, or does the government?? Once the money is spent, how is it replenished?
excon

What IS a health savings account?? Do I make all the deposits, or does the government?? Once the money is spent, how is it replenished?

Hello:

Or IS it replenished at all???  If not, what do I do?? 

What is patient centered healthcare??  Right wingers are gonna give it to me, so apparently I DON'T have it now..  If not, what DO I have? 

How come right wingers WANT the government in BETWEEN women and their doctors???

excon

Posted - March 10, 2017
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Responses


  • An HSA is a tax-exempt account YOU contribute to for the sole purpose of building up savings to cover future health care costs. As long as its assets are used to pay valid medical expenses, no income tax is levied against that income. 
      March 10, 2017 6:42 AM MST
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  • 3907
    Hello Z:

    So, it's tax exempt savings, specifically for medical expenses...  BUT, if I DON'T have a health savings account, and I spend money on health care throughout the year, it's ALREADY a deductible expense.. 

    I don't yet understand the benefit of health savings account..

    excon This post was edited by excon at March 10, 2017 10:01 AM MST
      March 10, 2017 6:58 AM MST
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  • Its intended as a way to pile up a rainy day medical slush fund free of tax.  Thats it. 
      March 10, 2017 7:08 AM MST
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  • 3907
    Hello again, Z:

    So, there's NO benefit AT ALL to these vaunted health savings accounts???  Figures..

    excon
      March 10, 2017 7:12 AM MST
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  • 19937
    There is a big benefit to you. See my other response.
      March 10, 2017 10:05 AM MST
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  • 19937
    It's only a deductible expense if it exceeds a certain percentage of your income.  With an HSA, you just keep funding it with your pre-tax dollars and you get to spend it on those services that are allowed.  Even if you retire, you can still keep the account open (you can't continue to contribute to it once you're on Social Security) and use it for anything Medicare doesn't cover.  It's a very valuable tool.  Unlike flexible savings accounts, if you don't use it, you don't lose it as you would with an FSA. 
      March 10, 2017 10:04 AM MST
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  • 3907
    Hello SS:

    I didn't know that.  Thanks.

    excon
      March 10, 2017 10:26 AM MST
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  • 19937
    If you have an opportunity to contribute to an HSA, you should do it.  Even if you're covered by your employer's health insurance, there's a deductible which you can use the HSA to pay.  Also, I'm not sure if it's this way in every HSA, but in ours, you have an opportunity to invest it in certain funds, so your money can grow while it isn't being used.  The last year we had FSA accounts, I had so much left in at the end of the year that I wound up buying two pair of glasses, the frames for which were $500 each!  I just knew there was no way I was going to leave that much money to the government. 
      March 10, 2017 10:54 AM MST
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