Medical Savings Account

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Opening a medical savings account can save decrease taxes, gain Interest

With more financial providers from traditional brick and mortar banking establishments being available online to customers, it seems only appropriate that a wave of latest banking institutions can be found on the internet exclusively. One very hot new trend inside online banking is the coming of internet savings balances.

Internet savings accounts, available through finance institutions like ING Immediate, HSBC Bank, or GMAC Financial institution, offer a variation by using an instant savings account. They will work by linking your checking account to an internet savings account. This creates easy access from your savings account to your bank checking account. Money that is deposited through checking accounts have the ability to move into your internet savings accounts and vice-versa. Access by the accountholder can be controlled online or over the phone.

Banking institutions that are online-only like ING Direct often supply a more aggressive annual percentage yield for their internet savings accounts than many brick and mortar banks can offer. Due to the low overhead cost of operating online (absolutely no banking location, simply no financial officers, no branches to manage), the savings can be passed on to the consumer. These higher interest rates are usually the huge draw those thinking about opening internet savings accounts, and purchasing an account with a high annual percentage deliver can bring big gains to an accountholder who plans on investing for a long period of time.

When looking for a financial institution that offers internet cost savings accounts, keep your eye out with regard to perks that make consumer banking easier. Some finance institutions even provide checks or a debit card regarding accountholders. Other institutions supply a more comprehensive financial experience and rise above just internet financial savings accounts, but also provide the option to have looking at accounts, the ability to purchase certificates of deposit as well as provide mortgages or home equity loans. Many even provide you with the option of being able to pay charges online.

Comments: 64

  1. Son March 8, 2013 at 3:52 am Reply

    Look at their health care proposal. Medical savings accounts? Like their plan for social security changing into a 401k. They want people to work for less so THEY can have more. That is called spreading misery and its viral.
    They created this bad Economy and Obama is fixing it.

  2. Eugene March 17, 2013 at 12:45 am Reply

    I would like to purchase Latisse from a doctor. Does the doctor have to give me a prescription in order to purchase with my Health Savings Account money? Or does the charge simply need to come from the doctor’s office?

  3. Tressa March 22, 2013 at 6:23 pm Reply

    Greetings All,
    Could anyone tell me the difference between Archer Medical Saving Account and Health Savings Account?
    Under High deductible plan, there is an out-of-pocket limitation. Does this mean a taxper is limited to only deduct a certain amount of medical expenses?

  4. Dakota March 23, 2013 at 11:09 am Reply

    My employment ended in September and the group health plan that I was enrolled in was a High Deductible Health Plan and my employer included a Health Reimbursement Arrangement. Employees were also eligible for a Flexible Spending Account. My coverage for the medical plan and the HRA ended on September 30. I purchased an individual plan, which is also an HDHP on October 1. Can I open a Health Savings Account for my individual plan now, or will I have to wait until 2013?

  5. Donn April 6, 2013 at 1:41 pm Reply

    I started a new job back in Aug. 2006. My employer offers a group health insurance plan but it is not a very good one and has a high deductible. The company dropped the ball in getting me signed up for the plan in time and now their not so good plan isn’t even going to cover a pre-existing condition. I talked to the boss and came to an agreement that in lieu of being covered under their plan they would just contribute $130 monthly (the same amount they would pay to put me on their plan) to a Health Savings Account that I could use to pay medical expenses. He came back and said that he could not make good on the agreement because he was told I had to have some type of insurance coverage to contribut to an HSA. He also said that the max I (or the company on my behalf) could contribute to one of these type accounts is $1100 annually. Which is $460 less than what we agreed upon. Can anyone explain the rules of HSA’s to me and what other options I might consider to work this out?

  6. Dominica May 22, 2013 at 6:32 am Reply

    My parents get about $20,000 from soc security and medicare and they have no other income or securities. They had a savings account at the beginning to the year and used $6,000 of that for some home repair,and the rest for their cemetery plots, leaving only $1,000 left.

    I deposited $30,000 throughout the year into their checking acct for them to pay all their medical, food, utilities, clothes, auto, etc. They own their home and pay mortgage, taxes, insurance, homeowners fees, and home repairs with this money, as well.

    Can I claim them as dependents and add their medical expenses to my deductions? Does the fact that they own their home affect this?

  7. Cody May 26, 2013 at 7:43 pm Reply

    I am doing research for my brother, he receives a disability check due to medical conditions he was born with that only allows him to work part time (he sacks at a grocery store). He would like putting back money for a rainy day in case the day comes when he is no longer able to work, the amount wouldn’t be significant but could get larger over time. Would the amount he has in a checking or savings account effect his disability check or could it over time? Thank you!

  8. Boris May 31, 2013 at 3:09 am Reply

    After not having any health insurance or major issues for the last 20+ years, and because Im 50 with assets I would prefer not to lose, and because I guess it will become law and involve fines in the future, I went ahead & bought the cheapest plan that Blue Cross of Alabama offers.

    $3250 per calender year, then a 20% copay after $3250 u to a $5000 per calender year maximum out of pocket. I think.

    And, apparently I get one free Dr visit per year in exchange for my $2088 per year.

    My questions:

    Do I automatically get BCBSs negotiated rates for Dr’s visits, blood work and expensive medical costs like heart issues ?

    How, exactly, does the deductible work in the real world ? That is, if I have a heart attack, is the hospital going to demand that I pay $3250 upfront to cover my deductible or will I be allowed to pay my part over time ?

    Apparently, BCBS only covers me for 90 days a time scripts. I prefer to get 6 months at a time because everything I take is cheap anyway (and cheaper 6 months at a time) and I don’t have to worry about refills and running out.

    Does that mean that none of ny scripts will count toward my deductible or half will ?

    Are both my every 6 month Dr visits covered since I only go because the Dr says I have to in order to get my meds and check my liver fuction & cholesterol levels. (Cholesterol levels are rising as apparently the Zocor isn’t working anymore)

    I looked into a health savings account but the the amount they pay .15% is so low, Im not sure its worth bothering.

    What kind of tax savings do they provide for a retired person with little income/expenses ? Is using their stupid debit cards required ?

    Im relatively healthy but heart disease runs in my family so a heart attack is a near certainty. Only question is when.
    $3250 is the highest BCBS of Alabama offers, I would prefer a $10k plan with a lower rate.

    The national insurance page shows NOTHING for me. (But, If I was a parasite, Im sure I would get free coverage)

    Pretty sure everything counts toward my $3250/5000. But, chances are very high that I will never reach those levels in a single year unless I had a heart attack or other major event.

    So I think Im just going to continue paying out of pocket on the scrips for convenience sake.
    $3250 is the highest BCBS of Alabama offers, I would prefer a $10k plan with a lower rate.

    The national insurance page shows NOTHING for me. (But, If I was a parasite, Im sure I would get free coverage)

    Pretty sure everything counts toward my $3250/5000. But, chances are very high that I will never reach those levels in a single year unless I had a heart attack or other major event.

    So I think Im just going to continue paying out of pocket on the scrips for convenience sake.

  9. Elton June 2, 2013 at 4:16 pm Reply

    my bank is the us bank. i am 12 years old and i have a savings account, i need some money for christmas and i am wondering if i could take out some money. if i can is their a limit?

  10. Wilmer June 2, 2013 at 9:30 pm Reply

    I’m 33, married and have two daughters. One is three years old and the other is 4 months old. For the first time in my life I am unemployed. I dont want to be unemployed or burn up my savings account. I have been thinking about joining the Air Force for the training and educational and medical benefits that are important when having a family. But joining the military is a huge commitment because family becomes 2nd on the priority list. There are big unknowns and I don’t want to make the wrong decision at this fork in the road.

  11. Dorethea June 11, 2013 at 8:56 pm Reply

    I realize that the medical bills have to total at least 7.5% of my adjusted gross income, but can I write it off even if I pay them with the (tax-free) money in my health savings account?

  12. Ariel July 4, 2013 at 11:47 pm Reply

    I am debating closing my son’s ( 1 yrs old) savings account to pay a medical bill. This would help me become closer to my goal of being debt free. He has $100 in his account and I could take $50 from it and pay a medical bill (or break up the money to pay several medical expenses). Advice from others, please?
    I am a divorced mom. I receive no child support from my ex husband (son’s father). Please do not judge me. That is just wrong!

  13. Wilmer July 10, 2013 at 2:23 am Reply

    So how do you exactly budget and save for things. Do you have 1 large savings account for everything? They recommend a 6-12 month savings in case of a job loss. So I have that…. Then do I have separate accounts for broken appliances, travel, my health insurance deductible, my car insurance deductible, etc things like that. Like, IF everything is together you could be taking out of your emergency fund to travel or fix a repair, etc. But if everything is seperate it seems like it would be confusing then too.

    ANY advice would be helpful.

  14. Hisako July 16, 2013 at 2:24 am Reply

    I have an HSA (Health Savings Account) and will be 65 the end of this year. Can I continue to contribute to it? Also, if I withdraw money from it after age 65 does it have to be for medical expenses or can I withdraw for anything without a penalty? Also, I have already paid taxes on this money. Am I going to have to pay tax again when I withdraw it?

  15. Verda July 20, 2013 at 6:19 pm Reply

    What is the average amount you should have in your savings account? I do have students loans and I’m paying more on them each month because I want them paid off ASAP but I don’t want to keep taking money out of my savings. Any suggestions?

  16. Bailey August 9, 2013 at 2:33 pm Reply

    * Allow consumers to purchase health insurance companies across state lines.
    * Widen the availability of medical savings accounts.
    * Allow consumers to deduct the cost of insurance from their taxable income.
    * Allow doctors, nurses and medical suppliers to take a credit against any income taxes due for the market value of services provided free to those living at or below the poverty level.

    There .. that took about 30 seconds. All viable private-sector options, yet none are on the table for the Democrats in Washington.

  17. Adeline August 15, 2013 at 10:33 am Reply

    For instance, say someone owes back taxes or is in default of student loans…can the IRS or the government take money out of your health savings account established by your employer?

  18. Marcelina September 21, 2013 at 12:55 pm Reply

    I have a high deductible health plan and a Health Savings Account, but I don’t know what it covers.

    How would I find out? Do I ask at the credit union or the health insurance provider?

  19. Tisa September 28, 2013 at 2:20 am Reply

    In my economics class in high school my teacher once showed us how to retire with a savings account of $100,000, by saving a certain amount of money per month. The idea is to save enough per month on each pay check without taking money from the savings account until retirement. It all depended on how much you saved per month and the age you began to save. The older you are, the more you have to save per month to acheive this goal.

    While that’s a good idea, many cannot save without reaching into the “piggy bank” every now and then. Heaven forbid there is a crisis in ones family and financial ends need to be met.
    I think investing ones money now would be a great way to prepare for the future. I would like to know how would one go about investing their money and the best way to do so may it be stock, bonds etc.
    Personally I like to save my money by keeping it in my pockets. Not only do I know where it is at all times, but it feels good there too:) Any advice from anyone?

  20. Kerry October 20, 2013 at 2:15 am Reply

    Mom doesn’t have medicare medical. and she only has hospital. What can she do for medical, and is she eligible for medical coverage with medicaid if she has over 30,000 dollars in her savings account?

  21. Caleb October 20, 2013 at 2:15 am Reply

    This post is in response to so many of the questions that come to this board. The number of times people state that they can’t afford medical care for their pets is just heartbreaking to me.

    I do not understand why people choose to have pets and then not take some care to provide for their medical needs. A savings account should always be kept for them in case of something serious or chronic shows up.

    If we choose to take the responsibility for another life should we not also make the financial means necessary to make sure that they stay in good health?

  22. Tristan October 20, 2013 at 2:15 am Reply

    A friend of mines mother passed away due to medical conditions. She had money in both her children’s name in a savings account. The sister emptied the funds and will not give her brother his share of the money. ($50,0000.00) He does not have enough money to hire a lawyer and is also in the process of loosing his home. Does he need a lawyer or can he just take her to court for the $25000.00 that he was supposed to get.

  23. Carlton November 4, 2013 at 11:28 pm Reply

    I was reading about health insurance plans and how they work and I discovered something called a health savings account that insurance companies have. Do the health insurance contribute money to the plan or I can go to any bank an open an account with $100 in it?

  24. Jona November 7, 2013 at 8:41 am Reply

    I started a health savings account last year. I didn’t fully understand the tax benefits so I just used my employer contributions. Now I realize the tax advantages so I am going to max out my contribution before the end of the year. My question is, can I now request a reimbursement for the medical expenses I paid out of pocket during the year (I kept receipts), even if I didn’t have enough in the account at the time to cover them? If so, what is the deadline for requesting and/or receiving the reimbursement? And finally, is it a good idea to get the reimbursement?

  25. Charline November 7, 2013 at 2:54 pm Reply

    NHS-style (the UK and Soviet Union (modern Russia does not have it)

    Compulsory insurance (every industrialised country)

    Total private except government programs for poor and old (what America used to have but now is in Compulsory insurance)

    Medical savings accounts (Singapore)
    Spain is Compulsory insurance I think.

  26. Leonardo November 21, 2013 at 11:00 am Reply

    I have a savings account and I know I can deposit in money and take out money at the stores and what not . But can i have a savings account without a debit card ? i’ve been using the debit card to insert and take out money for when i go shopping . But , I keep wasting the money I have in the card . Is there another account I can get ? Also, what is a checking account ?

    PS. Im 16 so Im new at this , sorry .

  27. Ray December 3, 2013 at 2:06 pm Reply

    This post is in response to so many of the questions that come to this board. The number of times people state that they can’t afford medical care for their pets is just heartbreaking to me.

    I do not understand why people choose to have pets and then not take some care to provide for their medical needs. A savings account should always be kept for them in case of something serious or chronic shows up.

    If we choose to take the responsibility for another life should we not also make the financial means necessary to make sure that they stay in good health?

  28. Indira December 10, 2013 at 9:00 pm Reply

    I am trying to deduct money from my income to go to my chase savings account. My direct deposit from my job is currently going to my chase checking account.

  29. Santos December 14, 2013 at 2:13 am Reply

    Don’t republicans introduce a bill to remove those portions of the bill?

    Here are my suggestions of portions of the bill not popular
    1- get rid of the penalty for not being able to afford or need health insurance so the IRS won’t need to hire 16,000 IRS gustopo

    2- get rid of the employer mandate provide coverage so employers can start hiring again

    3- replace 1 &2 with an individual mandate that requires everyone to personally but insurance or have insurance provided for them if they are at or below poverty level, by the state and enforced by the state and controlled by the state. The insurance will be a high deductable low cost plan and add a medical savings account
    Dave87- that’s one of the most uninformed answers you’ve had yet!

  30. Carmon December 18, 2013 at 10:21 pm Reply

    Medical company sent a claim to the insurance company (no copy to me). Insurance company sent me some money. I owe the medical company. However, the medical company never sent me a bill. I have not heard from them anything about how much I owe them. It’s been over a year and a half now and I have not received a bill. I don’t want to mess up my credit rating, but they have not billed me. Should I send the money back to the insurance company? I have been holding it in my savings account. How long do they have to bill me?

  31. Bernard December 30, 2013 at 9:03 am Reply

    What are the benefits for a health savings account if I already have medical and dental coverage?

  32. Phung January 30, 2014 at 5:55 pm Reply

    My company is switching to a high deductable hsa. I will be getting individual coverage. I’m wondering what the pros and cons are for me. I know my company will be saving a lot of money. Right now I have an 80/20 plan.

  33. Jordon February 2, 2014 at 7:12 am Reply

    I am filling a new employee form which is asked how much I would like to direct to ‘Health Care Reimbursement Account per bi-weekly pay period. The company pay full on my medical care, so I am wondering what this account might benefit me in this case ? Can somebody give me a detailed explanation ?


  34. Leandro February 3, 2014 at 3:35 am Reply

    What exactly is an HSA? In simple terms.

    I am about to graduate from college: 22, single, healthy, lean, etc, no serious conditions (just a minor, minor, MINOR heart condition).

    Would an HSA benefit me? What does it do?

  35. Darron February 11, 2014 at 7:03 pm Reply

    I need a savings account. I currently have Bank of America savings and I have never used the ATM. (I’m a student, and keep some money out of the bank.)

    I’ve heard good things about ING Direct, HSBC Direct and E-Trade online savings.

    What should I go with? Thanks!

  36. Morgan February 22, 2014 at 12:47 am Reply

    We now have the option to sign up for a High Deductible Health Plan with Health Savings Account and I was just wondering if this is the jist of it: We pay into the HSA each pay period and use this money for medical related expenses throughout the year – should we ever reach the $2500indiv/$5000 family deductible, insurance will began to step in?

    I am still looking into if we’d be saving money by taking this type of coverage, I just wanted to know if I was understanding the HDHP with HSA or am really of course. Thanks to any clarifications in advance!

  37. Stan February 22, 2014 at 5:08 am Reply

    Im opening a HSA no later than 4/15 of next year but hopefully sooner.

    I can only start it with $3250 so it would be a few years before Id really feel comfortable investing it in a few individual stocks but the alternative is about 1.5%
    (After looking far & wide)

    The downside is I think that credit union charges $35-45 when I transfer out.

    I expect to add the max to my HSA every year for many years and not take ANY out for a long, long time. If ever.

    I no longer have earned income. Cannot put more in IRA.

    Frankly, don’t expect to ever touch the HSA money. Just want the tax advantages.
    No, it can accumulate tax free for many years. In fact, you can defer talking withdrawls until years later for expenses incurred years prior.
    No, it can accumulate tax free for many years. In fact, you can defer talking withdrawls until years later for expenses incurred years prior.

  38. Kurt February 22, 2014 at 7:55 am Reply

    i need peoples opinions for my paper.SO another words my paper has to be based on what you all tell me what you think!!!

  39. Valentin February 22, 2014 at 7:55 am Reply

    I’m sorry. Limiting malpractice suits and medical savings accounts doesn’t fix it.

  40. Delma February 22, 2014 at 9:06 am Reply

    is there a place that would like me open multiple savings accounts? I wanna save just alittle for a whole bunch of things. Like some for a boat, some for a new truck, a new house, for when my wife takes off work for a child ect ect. Ideas?

  41. Masako February 25, 2014 at 11:24 am Reply

    I have heard it’s not and why not. Does in depend state by state>

  42. Dario March 5, 2014 at 6:36 am Reply

    Okay me and my fiance have a joint savings account, no checking. He set up payment arrangements through ARSI to pay a medical bill. He has been paying on it since Jan. 5th! Never missed a payment! Well we sent in a money order the 17th of Aug… On the 25th of Aug. he went to draw money out of our account and it was frozen! We got a letter from the bank for garnishment of funds. Called ARSI’s attorney and ask them what was going on. He was very rude and said that we did not pay a payment. We said we did and had the money order receipt to prove it! He commented back with “REEAAALLLLYYYYY…” like we was totally lying about it. He hung up on us!!! So we went to the post office to see if the money order had been cashed. No. So it obviously had gotten lost in the mail.

    Now they are trying to garnish all the money out of his account!! It can be frozen up to 3 months or more! His check from work gets direct deposited into his bank. So we cant even pay our car loan, electric bill or ANYTHING!!

    What can we do?!

    Also want to know if we can file a claim of exemption? Do we have a case or are we just screwed!?

    Also we have it set up through them that they send us a payment book to keep track of how much we owe and a paper to fill out that goes with the money order that gives his name, number, account number, employer info. At the bottom it asks if you need envelopes, new payment book or if you have a new address. For example If you check one of them boxes, say envelopes… they will send you more envelopes. Well the money order that supposedly they didn’t receive, I had asked for more envelopes. Well they SENT US MORE ENVELOPES! So obviously they had to of finally received the money order because otherwise they wouldn’t of known to send more envelopes!!! So they got the $50 money order and yet still we have our account frozen!!!
    Already thought about opening a new account at a different bank. Problem with that is, it will take up to 4-6 weeks to make the transfer before it will get changed to the new account. And correct me if I am wrong but you cant close a frozen account.

  43. Leonida March 6, 2014 at 6:05 pm Reply

    I was told that you can cancel out a savings account on the internet i was wondering if there is a specific way. I tried going onto my banks website but they didn’t have that kinda thing. So what can I do?

  44. Randolph March 7, 2014 at 11:31 pm Reply

    If you do how much do you have saved and what do you do for employment ?

  45. Verda March 9, 2014 at 7:24 pm Reply

    I have an HMO through work and was thinking about setting up an HSA account for tax savings through my bank. Even though I do not have a high deductable PPO, can I still have a HSA? My HMO covers 90% of hospital expenses and my wife will deliver our first baby this year … I figured I could use the HSA for that 10%. Can I do that? I am unsure of the rules. Thanks!!!

  46. Sherill March 9, 2014 at 7:25 pm Reply

    I have heard many on the right advocating for a medical savings account paired with catastrophic health insurance as the solution to Obamacare. Why would you believe that people who don’t buy insurance now would put money away in a medical savings account and buy insurance? Also, if someone who is not insured has an accident, are they advocating a refusal of treatment because they didn’t buy insurance or have a medical savings account to pay for treatment?

  47. Antwan March 9, 2014 at 7:26 pm Reply

    I’ve had a Savings account since 2003 with an initial deposit of about $100. It is now 2010 and the money has increased to only 108.55.

    Is it worth saving my money in this account?

    What does the following mean? It was in my Savings account Bank Statement:

    Interest for 33 days, Average Daily Balance $108.51

    Interest Earned: 0.04

    Balance: 108.55

    Average Rate 0.40%,
    Annual Percentage Yield Earned 0.36%

    What do all these numbers mean?

    If I deposit more money into the account, will I be able to accumulate more interest on that amount, say $1000 in one month than I currently accumulate on the $108 that is currently in the account?

    I’m in my 20’s and I want to start saving my money.
    Do you have any advice on how I can go about saving and whether it is worth saving money in this account?

    ALSO, based on the percentages stated above, how much interest do you think I’ll have earned in one year if I had $1000 in this account instead of the $108.

    How do you calculate interest in savings accounts?

    Please help! I’m interested in learning all that I can.

    As of right now I want to work within this account only, I don’t want to open another type of savings account.

    Thanks 🙂
    Or should I JUST save in my plastic piggy bank?

  48. Nickolas March 9, 2014 at 7:26 pm Reply

    We have a medical savings account. We are required to keep the savings with an approved bank that reports activity to the IRS. We use the account only for approved medical expenses.

    At the end of last year the account was moved from one bank to another bank. On December 27th of 2007, we were notified that our card had been comprimised and had been cancelled. We were sent a new debit card. At the fiscal year end of our policy, the bank sent us a statement was $1,200 less than our records. We determined that on 12/31/07 three debits were charged to the card in a far away state.

    We contacted the bank and were told that since we did not notify them within a 60 period after the debit we could not recover our money.

    We have a copy of the letter from the bank informing us that it was comprimised on 12/27 and a copy of our statement showing the debits were posted on 12/31.

    My question is, who do we contact to help us recover our funds?
    The Bank is in another state. We do not receive statements from the bank and use the account only for major medical expenses. We discovered the charges when we received the fiscal year end statement on 5/08.

  49. Micah March 9, 2014 at 7:26 pm Reply

    I’m getting a new job and this Company offers a HSA. I have never heard of such a thing. I have always had the typical health insurance. Can any one explain what is a HSA. Is it bad. I have a family and was wondering if this a good idea to join or go on my own.

  50. Bradly March 19, 2014 at 5:31 pm Reply

    I know it sounds silly but I am having a difficult time trying to figure out what my savings account should be set up for.
    I am a business major so I understand them and how they work, however, I was homeless this time last year and I am clawing my way up.
    is a savings account for medical emergencies (I highly doubt 100 a month to savings wont cover much of anything if I got into a major accident.. unless I star saving 30 yrs ago in which I wasn’t born). is it suppose to be for six months worth of living expenses (so if I have to use it because I lose a job and I run out that means I have nothing left AT ALL). is furniture and car considered and emergency? or do I need separate savings accounts or money market for furniture and/or car?

    I just need to know where to go from where I am now.

  51. Shelton March 19, 2014 at 5:31 pm Reply

    I’m a student at college, I’m 17 & trying to save up money for a car.
    I don’t have a job (yet) & so I’m not sure how much money I will be putting into the savings account.

    What I want is:

    -High Interest
    -Ability to put in as much money in as I want, when I want. (I notice a lot you have to put specific amounts in each month).

    I just want somewhere I can put all my money, as soon as I get it, in one place where I can build interest on it. I will not touch that money & I don’t want to take it out, until I have enough for my car.

  52. Bettina March 19, 2014 at 5:31 pm Reply

    i can switch from regulatrghi plan to HSA. i have a family plan my husband and i are healthy we go just go for check up and i need to see my allergy dr 1-2 a year. but we have a 5 months old. he is at the dr a lot since he was premature and catch some colds plus vaccinations. i was just wonder how that hsa works and how we save money. is it coming from your premium but what i read looks like u have to put them yourself as an depossit. also i am affraid that after deductibles they should cover 100% but they may make a problems with that. can somebody give my some light on that and how it works for u. i’m affraid that my plan is better for now cause i have 0 cop. on child and 40 for myself.

  53. Guillermo March 19, 2014 at 5:32 pm Reply

    Last year my husband’s employer setup a HSA Account for us, and contributed $1,000 for our medical/dental/vision expenses. Until recently we haven’t used any of the funds simply because we were unfamiliar with the entire account and its function(s).
    My son has a medical bill from 4 months ago that the Dr. office keeps calling about .. am I able to pay the bill completely using the HSA debit card?
    Yes, we were enrolled in the program at the time of the bill, like I said we weren’t sure what the account was able to pay and what it wasn’t until recently. However, this aspect I am still a little confused about. Thanks .. and please no rude comments.

  54. Jannette March 19, 2014 at 5:32 pm Reply

    I am overweight and I need to lose few pounds, can I pay my Gym membership from my HSA ? do I need something written from my doctor as a proof?

  55. Elfreda March 19, 2014 at 5:34 pm Reply

    My husband died two years ago and a very generous family member is going to give my children $25,000. The purpose of the money is to help pay for preschool for the younger one on a regular basis currently and also for some medical expenses for the older one who is in counseling. The rest will be for the future. The main thing is that I need to be able to access it monthly (once a month is fine) for awhile to pay for some current expense for them. Then it will probably just sit once things settle down. But I definitely want it to be considered their account and not in my name, if that makes sense.

    I’m assuming a regular savings account is best for now but I have no idea. Thanks!

  56. Jeffrey March 22, 2014 at 6:19 pm Reply

    What bank account offers internet banking to customer under 18?

  57. Joella March 29, 2014 at 11:46 pm Reply

    Us old retirees, living on fixed incomes could certainly use some tax free money to help pay for our ever increasing costs for medications,deductibles,etc.
    This is a classic case of big brother playing games with a tax system that is both rotten and obscene.

  58. Wilford April 8, 2014 at 8:02 am Reply

    I chose an insurance plan at work that is a high deductible plan. I have been sent a letter if I want a health savings account? What is this? Help me please.

  59. Tyree May 14, 2014 at 8:19 am Reply

    I have acquired a lot of medical bills over the last couple of years. I have had a couple of them go into collections within the last couple of months. I have continued to make payments but my payments are much smaller than the amount the hospital requires me to pay. I know that they have the ability to take money from my checking/savings accounts. My quesiton is, how longs does it usually take before they do this? Do they have to take me to court before this will happen or can they do it at any time?
    jeligula- that is great advice, unfortunately I have already used my checking account to pay them. =(

  60. Reginald May 14, 2014 at 10:33 am Reply

    Is an HSA better than regular health insurance? Is it really true that the company that I work for and me save money with HSAs?

  61. Carlton May 14, 2014 at 6:25 pm Reply

    is it a loop hole to make you deposit?
    or do they really deliver, on no minum accounts?

  62. Noah June 3, 2014 at 10:12 am Reply

    ok, I currently have a savings account with Barclay’s. Now I believe the interest is like 0.35% or something? I have about 2K in the account, not a lot but I’m a student and try to save a fair bit:P

    So on my current savings account I’m only like making 20p a month in interest. Its rubbish. So I’m just wondering whats the best savings account around, that are free, let you make withdrawals (Barclay’s have given me a card, so I can money if I go inside.) and have a good interest rate.


  63. Ranae June 8, 2014 at 2:43 pm Reply

    I searched HSA on this site and only found older answers and am curious if anything has changed recently. I have my daughter and myself on bc/bs and pay about $75 a month. The office visits are pretty hefty at $50 for each time. We are both pretty healthy and maybe go to the doc once a year. Just wondering if there is a HSA that we could have with it being the only insurance we have? Ive read that ya have to have a high deductible policy to qualify. Is that correct? Thanks

  64. Elton June 10, 2014 at 11:29 am Reply

    I would like to give money in some form to each of my nephews for Christmas. I thought about opening a savings account for each of them in their name and my name, is this even possible? Also, while their mother is getting her college degree they are using government assistance, food stamps, medical card, etc, if they have a savings account will this affect their assistance?
    Would a bond be a better route than a savings account and who pays taxes on interest of a savings account? I need suggestions on how to go about this please. Thanks in advance.

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