Health-savings plans may not live up to name

[a kennedy]

By CHEN MAY YEE, Star Tribune

Josh Gruber is, in his words, "as aggressive and persistent as any consumer" when it comes to his health care.

When he needed a colonoscopy, he called his hospital first for a price estimate. He buys prescription drugs from Canada at half-price. The trim 63-year-old doesn't smoke.

So health savings accounts (HSAs), introduced in 2004, immediately held appeal. To rein in costs, pre-tax HSA dollars are used to pay high deductibles in insurance plans with low premiums.

The intent was to put the onus on people such as Gruber, who lives in St. Louis Park, to shop wisely for care. But his experience is a cautionary tale for those considering the new plans.

HSAs are poised to become as ubiquitous as the 401(k) retirement account, with major employers eyeing them as a way to cut health care costs.

Entire article here: http://www.startribune.com/business/17324849.html

This country NEEDS AND DESERVES UNIVERSAL HEALTH CARE NOW!!! :patriot:

[justgamma]

1. I think they are a sham.

I know some people like them, but I just don't see it.

First, you have to guess if you're going to get sick. Then, you have to guess how much you're oing to spend on healthcare. You put that much money in the account. What happens if you don't get sick? You lose any money you don't use. At the end of the year, you're trying to spend the money as fast as you can whether you need to or not.

[BigDaddy44]

2. You're talking about flexible spending accounts

Health Savings Accounts don't have to be used during the calendar year. They are in theory "savings accounts" that don't expire.

[Rosemary2205]

3. it is impossible for most Americans to save enough for a heart bypass

The economy is retracting. Even fewer people will get raises at all, let alone raises that keep up with inflation. For most Americans, even if they buy abolutely nothing put pure necessity and save like all hell they will be hard pressed to afford everything that's expected of them. College for the kids, self funded retirement, and now the cost of an individually bought healthcare policy -- IF they can even find someone to insure them. And then seeing the insurer refuse to pay for the wife's breast cancer treatment after taking all the premiums because it was "pre-existing"

HSA's are fine to get tax free money for costs if the smackdown is put on insurance companies to quit fucking over their customers. But no one I know can save enough to pay for the kid's broken leg, let alone cancer or bypass.