HSA Insurance questions

[CigarNut]

Originally Posted by pnoon

It's a use it or lose it setup.

Not quite true. There are two kinds of HSA accounts. The most common is a use-it-or-lose-it account but there is a second kind of HSA that your employer can make available where you can carry the funds over year-to-year. The account is yours and not your employer's so if you leave your employer you still have the account and can use it for medical expenses.

My employer offers both and my wife and I use both. The most unforuntate thing about this is that both are called "HSA" which makes things very confusing. There are some additional rules regarding the use of this second type of HSA account which I do not have in front of me...

[Zane]

Originally Posted by CigarNut

Not quite true. There are two kinds of HSA accounts. The most common is a use-it-or-lose-it account but there is a second kind of HSA that your employer can make available where you can carry the funds over year-to-year. The account is yours and not your employer's so if you leave your employer you still have the account and can use it for medical expenses.

My employer offers both and my wife and I use both. The most unforuntate thing about this is that both are called "HSA" which makes things very confusing. There are some additional rules regarding the use of this second type of HSA account which I do not have in front of me...

I think the difference is a "flex" account. I have the latter and love it. I am a pretty healthy guy so my money just keeps adding up. With the 2nd type you get a debit card vs. the first which is usually reimbursement. Also like you say you do get to take the account with you if you leave the company. The company usually takes care of the fee's associated with the account as well.

[jluck]

Originally Posted by CigarNut

Not quite true. There are two kinds of HSA accounts. The most common is a use-it-or-lose-it account but there is a second kind of HSA that your employer can make available where you can carry the funds over year-to-year. The account is yours and not your employer's so if you leave your employer you still have the account and can use it for medical expenses.

My employer offers both and my wife and I use both. The most unfortunate thing about this is that both are called "HSA" which makes things very confusing. There are some additional rules regarding the use of this second type of HSA account which I do not have in front of me...

This is what my work offers too. The HSA plan I chose keeps accumulating so I can take any remaining money in to retirement.