What are your thoughts on health savings accounts (HSAs)?

At my ex-company they had healthsavings accounts and ppos. They contributed the same amount to both. Single people actually had their health savings account filled for them without ever having to make a contribution and never had to make a co-payment. If they chose the PPO they would have had to do both. They basically got completely free health care.

The question I have that may help the questioner as well is, can you get back money deposited in an HSA and not used? Or do you lose it if not used?

No, it never goes away, even if you change employers. It is basically a mini tax shelter. It accrues interest and can be used for an qualified health expense, including things from surgery to over the counter medicines.

That is right. Its very very very cool

BUT, if you never spend it, you never get it back, right?

What are the odds of you going through life, retiring and never having to use the money?

And I believe you can get it back under the some penalty.

To clarify my question, I’d like to hear your thoughts on an HSA which has been filled by the employer to meet the deductible (on a high-deductible plan), thereafter requiring 20% copayment, versus a traditional insurance plan, whereby you pay 20% copayment up-front (with the exception of like 10 $15 co-pay doctor visits). With an HSA the money is portable and can be used for COBRA payments if you are unemployed, but the flip-side is that you are less inclined to spend the money in the account for preventive care visits… right? Thoughts?

Right. A Health Savings Account. If you don’t use that money. it is yours. it stays in there. and you add to it. you don’t lose it.

Cobra is just and extension of your participation of your healthcare program if you lose your job. I am not sure how what you say applies. If your account is full and you leave its full. Your account is yours. Unless there is some kind of membership fee I never heard of.

That is handy accunt is good to have I thing for any sort of cover.I don t know anything about HSAs but what I do know is that for payment is lesscost.I own one witch cover my travel insurance and helth plas some extra stuff.

can freelancers get their own?