Insurance annoyance - Page 2

Carmie · ‎10-25-2010

I have never had an issue. My HSA gives me a debit card with my money loaded on it. I can just use it like a Credit Card at the drug store, Walmart, doctor’s office...anywhere and I have never had a purchase questioned.

Maybe your HSA company has been audited and they have to be more careful that the expenses are used properly.

Mom2Dogs · ‎03-09-2010

We just have to show documentation that we purchased the product and paid for it...and of course it is an allowed purchase....we fax in the paperwork and the money is deposited into our medical checking account.

Abrowneyegirl · ‎03-15-2010

@Carmie

Auditing the HSA company should have no effect if I the taxpayer use the money appropriately.

Before the account can be set up you have a read and sign explaining the allowed uses of the card.

I find the threat of withholding my money (they will suspend the card and the account) because they do not find the invoice the dentist sent to be "enough info" to be very far reaching.

The invoice for services renedered and paid should be enough.

Beyond that leave it to the IRS

Mominohio · ‎08-08-2010

Excuse my ignorance, but do people fund these with their own money, and do they do it as a tax break/shelter?

If so, it may seem that it isn't worth the 'benefit' of doing so, if you have to fight for payments, spend a lot of time and effort to fill out requests etc.

What is really the benefit to these accounts? (not a snark, truly not familiar with what the benefits might be).

ccassaday · ‎10-21-2010

When I was working anything that wasn’t the obvious copay from Doctor I had to submit for verification.

ccassaday · ‎10-21-2010

wrote:
Excuse my ignorance, but do people fund these with their own money, and do they do it as a tax break/shelter?

If so, it may seem that it isn't worth the 'benefit' of doing so, if you have to fight for payments, spend a lot of time and effort to fill out requests etc.

What is really the benefit to these accounts? (not a snark, truly not familiar with what the benefits might be).

Yes they take it out before taxes so you don’t pay taxes. I’d you decide to load say two thousand they devide that by how many paychecks you have in a year. That is what comes out of every paycheck. Most you lose if you don’t use it all so you have to be careful with what you put on. Some do roll over but some don’t. You have access to the entire amount right away at the beginning of the year. If you quit and have used money that you hadnt put in you may be required to pay it back. Say you put 2000 in and use it all in Jan. Then in Feb you quit. You will be required to pay back everything minus what has come out of your paycheck.

If it is not s obvious copay you should have to subjt a verification form. Otherwise people could use it on everything and not pay taxes. I never had s problem when I submitted verification for things like eyeglasses. I used the visa they gave me then faxed the form with my receipt. No big deal.

Abrowneyegirl · ‎03-15-2010

@Mominohio

There are few different variations now a days but I have a traditional one

The concept is to set aside money pre-tax to be used to cover out of pocket medical costs and expenses. The money has to be used for expenses occuring that year. If you do not use it you lose it.

The IRS establishes a list of 'allowable' medical' expenses.

The companies that manage the accounts charge the employer a fee for managing the account as well as share a portion of the unclaimed money for the year. They are VERY happy when there is money left over at the end of the year.

Any time I put money in an HSA I be sure to put in LESS than I need and use it all by March. I know I have about $10,000 in dental bills in 2018 but I put in less than $3000

There is a max you can put in the account for a year.

VaBelle35 · ‎03-10-2010

wrote:
I also have an HSA account and they have never questioned me on an expense. The only one that should question you regarding an expense is the IRS since they set the rules.

I have an HSA through work and I've never been asked to fill out a form.

I pay everything on a credit card to get points and I pay myself back every quarter out of the HSA account.

I have to indicate if it's a covered withdrawal or not when I request the payment. It's just a box I check.

With an FSA I have had to submit a claim to get the money back. That type of account requires a form and information from the doctor.

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Moonchilde · ‎05-23-2010

wrote:
I have never had this issue with my HSA and I use it pretty much exclusively for the dentist too since I have no insurance for dental.

Why don't you just have the dentist office print the invoices for you and shut them up?

Or if they are constantly going to hound you for anything over$30 which is nonsense since I can't even remember a medical bill less than $30 transfer to a new bank.

All of the people that I knew who have HSAs always had to send in something to prove that they had actually gone to the dentist, medical supply, optometrist or wherever. Just a receipt. No one I knew had to show them a diagnosis or get anything more from the doctor than something that would show they’d been there.

I don’t think it’s unreasonable for the company to simply be sure you are spending it where you say you’re spending it, and not at the races or down-paymenting a new car.

Life without Mexican food is no life at all

Mominohio · ‎08-08-2010

wrote:
@Mominohio
There are few different variations now a days but I have a traditional one
The concept is to set aside money pre-tax to be used to cover out of pocket medical costs and expenses. The money has to be used for expenses occuring that year. If you do not use it you lose it.
The IRS establishes a list of 'allowable' medical' expenses.

The companies that manage the accounts charge the employer a fee for managing the account as well as share a portion of the unclaimed money for the year. They are VERY happy when there is money left over at the end of the year.

Any time I put money in an HSA I be sure to put in LESS than I need and use it all by March. I know I have about $10,000 in dental bills in 2018 but I put in less than $3000

There is a max you can put in the account for a year.

@Abrowneyegirl

Thank you for that explanation.

How does one know just how much they will need in a year's time? I mean it would be awful to loose money because you didn't get it used, that would defeat the whole purpose of getting the tax advantage.

I guess you have to anticipate possible expenditures and hope you have them? Sounds a bit risky to me, but we have really good insurance, no premiums no deductibles and co pays are like $10. So this must be for people with a lot of out of pocket medical expenses?