Just Breathe
Posts tagged High deductible
HDHP & an HSA – how to keep track
Apr 14th
When you have an HDHP with an HSA, you need to be sure to keep an accounting of every dollar you spent from the HSA, just in case the IRS comes knocking. Below are a few tips and lessons learned from my own accounting:
(1) Keep paper claims. Yes, it may be a drain on the environment, but there are somethings you need paper on. Although you can probably get away with printing them yourself as that would save the extra paper, envelope, and stamp. As soon as I get a claim in the mail (or as soon as you print), I highlight the patient, date, provider, and my responsibility. That makes it easy to organize once the medical bills come in.
(2) File folders. I have four file folders to keep track. Claims to pay, claims paid, pharmacy receipts, and other insurance information. I try to file things once a month, if not sooner.
(3) Make sure to take the important pharmacy receipt. I use Walgreen’s, as it’s basically a block from my house, so I’m not sure how other pharmacies print their receipt information. I keep the receipt that prints with the prescription information, that gives the details about the prescription More >
HDHPs – Learning the costs of Health care
Apr 12th
After having my HDHP for a few months and experiencing claims, I became a firm believer that everyone should have a HDHP, for at least a year. Not for punishment or dealing with a high deductible, but to learn what true health care costs are. My first experience as an adult with my own insurance was on my husband’s plan through work. We had a $250 deductible and $500 out of pocket. Not complaining about the numbers, they were beautiful. However, I had our son on that insurance and really had no idea what his birth cost. I would get a bill for $15 or so and just verify that it’s the accurate billing amount.
With my HDHP, I have had to track every dollar and cent that I get charged. I want to make sure I’m getting the most for my high deductible dollar so I learned, the hard way in some cases, that shopping around and watching every piece of mail from Humana was essential. Take the decision to have surgery for my son, for instance. It took 3 different doctors and over 6 months before we decided that we would put him through the procedure. The second physician, More >
High Deductible Health Plans
Apr 6th
High Deductible Health Plans, or HDHPs, are intimidating when you first look at the specs. After investigating the options for insurance at my work, as we discovered we were spending $200 a month for just me at my hubby’s job, I decided that the HDHP was my best choice, and I haven’t looked back. Granted, when choosing your insurance plan, you need to look at all the figures: paycheck premium, deductible, out of pocket expense, whether or not preventive care is covered pre-deductible, and the prescription coverage. I have looked at plans for my friends and steered them away from their HDHP, it all depends on the specs.
At my job, I pay $200 a month in premiums for the insurance. I have a $6000 deductible with a $10000 out of pocket max and 10% coinsurance. With an HDHP, your deductible counts towards your out of pocket. I also put $187.50 a paycheck into a Health Savings Account, or HSA. So, every month, I pay $575 towards health care. If I were to go with my work’s PPO plan, I would pay about $575 and then still have to cover a deductible and out of pocket expense. With an HSA, the More >