Showing posts with label Health Savings Account. Show all posts
Showing posts with label Health Savings Account. Show all posts
Tuesday, September 13, 2011
HSA Maximum Contribution Going Up!
I just found out that the maximum Health Savings Account contribution is going up for 2012! As you avid readers will recall from a previous blog post, the 2011 family maximum was $6150. The new maximum family contribution for 2012 is $6250. Not a huge increase, but an increase none the less. In these tough economic times, $100 is nothing to sneeze at. Hurray, for $100 more tax free money to save for my family's medical expenses!
Monday, August 1, 2011
Health Savings Account Heads Up!
Each year the IRS set a maximum contribution limit for Heatlh Savings Accounts, since these are tax free accounts. For a family the maximum allowed contribution in 2010 was $6150. Up until I found out I was pregnant, I had only deposited $20 in our HSA.
I figured I would just add money to it when we needed to go to the doctor. However, upon realizing that I was expecting, I knew we would want to deposit the full contribution amount. So I went to the IRS website to verify the maximum contribution amount for 2011 and found out some very important information. Even though the year 2010 was over, I still had until April 18, 2011 to contribute last year's total contribution of $6150!
So we quickly scrimped and saved. I went to the bank and deposited last years full contribution, making sure the bank credited it correctly for 2010.We still haven't used all that money in the HSA up yet, but I am so thankful to God that it is in there and tax free.
We are currently saving up to add 2011's contribution, which the IRS didn't change the amount on, so it is still $6150. I am sure that my hospital stay and newborn care will eventually use up the full amount. But isn't it great not be taxed on $12,300! I really like that HSA money rolls over every year, is tax free, and can be passed on to my kids. I also really like not throwing away all that money on insurance company premiums!
I figured I would just add money to it when we needed to go to the doctor. However, upon realizing that I was expecting, I knew we would want to deposit the full contribution amount. So I went to the IRS website to verify the maximum contribution amount for 2011 and found out some very important information. Even though the year 2010 was over, I still had until April 18, 2011 to contribute last year's total contribution of $6150!
So we quickly scrimped and saved. I went to the bank and deposited last years full contribution, making sure the bank credited it correctly for 2010.We still haven't used all that money in the HSA up yet, but I am so thankful to God that it is in there and tax free.
We are currently saving up to add 2011's contribution, which the IRS didn't change the amount on, so it is still $6150. I am sure that my hospital stay and newborn care will eventually use up the full amount. But isn't it great not be taxed on $12,300! I really like that HSA money rolls over every year, is tax free, and can be passed on to my kids. I also really like not throwing away all that money on insurance company premiums!
Thursday, May 5, 2011
Third Prenatal Visit- Paying for the Doctor
So now it's a week later, and it's time to see the doctor to discuss the sonogram. Before the visit though, I received a call from the billing department. I was told that since I didn't have maternity coverage, that when I came in for the next visit, they would set up a payment plan with me. I was asked what kind of delivery I thought I was going to have. Since this was baby number six, and since I have had two c-sections already, I said c-section. I was given the price...$4000 for a c-section. This includes all pre-natal visits, hospital visits by the doctor, the surgery itself, and my post natal care. I was curious and asked what a normal vaginal delivery cost. The price was $3500.
Hubby and I arrived for the third visit and met with the billing specialist. She had been my OB nurse years before and greeted us warmly. She showed us a very simple contract and explained what she had over the phone. The quoted cost did not include lab work, sonograms, or my hospital stay. She also let us know that our doctor was required by law, to have another doctor assist him during the surgery. We would need to budget for that separately and it would probably be around $500 for the assisting doctor. She also let us know that we would need to pay my doctor his full amount by my 20th week of the pregnancy. She then politely asked us how much we would like to pay today, and then in what increments.
My husband said that we could pay $1000 today. She said great and starting figuring out a payment plan for us. Then my husband asked if we could get a discount if we paid the whole amount ($4000) today. The billing specialist said that she wasn't sure, but that she would go check. She actually went and checked with the doctor!She came back and said that we could pay the discounted price of $3600 if we paid it all today. That's a $400 discount!! I quickly pulled out my Health Savings Account debit card and paid the full amount.
So the lesson learned here is...don't ever be afraid to ask for a discount!
Hubby and I arrived for the third visit and met with the billing specialist. She had been my OB nurse years before and greeted us warmly. She showed us a very simple contract and explained what she had over the phone. The quoted cost did not include lab work, sonograms, or my hospital stay. She also let us know that our doctor was required by law, to have another doctor assist him during the surgery. We would need to budget for that separately and it would probably be around $500 for the assisting doctor. She also let us know that we would need to pay my doctor his full amount by my 20th week of the pregnancy. She then politely asked us how much we would like to pay today, and then in what increments.
My husband said that we could pay $1000 today. She said great and starting figuring out a payment plan for us. Then my husband asked if we could get a discount if we paid the whole amount ($4000) today. The billing specialist said that she wasn't sure, but that she would go check. She actually went and checked with the doctor!She came back and said that we could pay the discounted price of $3600 if we paid it all today. That's a $400 discount!! I quickly pulled out my Health Savings Account debit card and paid the full amount.
So the lesson learned here is...don't ever be afraid to ask for a discount!
Saturday, April 30, 2011
The Murky Waters of Insurance
My husband is self employed, so it was up to us to find the right insurance for our family. We have a large family, two adults and five kids, and have no major health problems. We go to the doctor only when necessary, but wanted to make sure that our family had insurance coverage in the event of an emergency. We discussed our insurance options and decided that it didn't make sense financially to pay for a full coverage policy costing us over $1000 a month for our family of seven. We saw it as throwing money down the drain. Instead, with our frugal and conservative leanings, we looked at Health Savings Account options.
I took the plunge and delved into the murky waters of the insurance world. I searched the internet for days, comparing policies, looking at fine print, and trying to figure out what exactly we needed for our family. I liked the HSA policies that I saw, and especially the price flexibility that accompanied them! My only concern was that none covered maternity expenses. I am thirty-four and still have some child bearing years left. My husband and I see children as a blessing and would gladly welcome more children to our family.
We talked it over and decided that we could manage with an HSA if I got pregnant, that we would probably even save money paying out of pocket, versus paying for full maternity coverage. We are frugal and can ask questions. We can save money for pregnancy expenses, without having to just give all that money to an insurance company each month. So we did it! We signed up for a high deductible policy with an HSA for a mere $391 a month! Not bad for a family of seven.
So here we are a year later and I am pregnant. The journey begins.
I took the plunge and delved into the murky waters of the insurance world. I searched the internet for days, comparing policies, looking at fine print, and trying to figure out what exactly we needed for our family. I liked the HSA policies that I saw, and especially the price flexibility that accompanied them! My only concern was that none covered maternity expenses. I am thirty-four and still have some child bearing years left. My husband and I see children as a blessing and would gladly welcome more children to our family.
We talked it over and decided that we could manage with an HSA if I got pregnant, that we would probably even save money paying out of pocket, versus paying for full maternity coverage. We are frugal and can ask questions. We can save money for pregnancy expenses, without having to just give all that money to an insurance company each month. So we did it! We signed up for a high deductible policy with an HSA for a mere $391 a month! Not bad for a family of seven.
So here we are a year later and I am pregnant. The journey begins.
Welcome
Welcome! I have decided to write this blog, because there seems to be a lack of information out there about what it is really like to go through a pregnancy without traditional maternity coverage. I have a high deductible insurance plan with an HSA (Health Savings Account) instead.
I have searched the internet and have yet to find anyone writing about what it is like to use an HSA to pay for their pregnancy. What does it cost to have a baby with an HSA (high deductible plan) instead of traditional maternity coverage? We will unearth this together! Consider me your guinea pig. Just kidding. I am not a writer, or an insurance agent. Just a mom, who wants to share her experience, in hope that it will help and encourage others. Health Savings Account. Unearthing the truth through personal experience.
I have searched the internet and have yet to find anyone writing about what it is like to use an HSA to pay for their pregnancy. What does it cost to have a baby with an HSA (high deductible plan) instead of traditional maternity coverage? We will unearth this together! Consider me your guinea pig. Just kidding. I am not a writer, or an insurance agent. Just a mom, who wants to share her experience, in hope that it will help and encourage others. Health Savings Account. Unearthing the truth through personal experience.
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