Well, in 2008 we (mostly me) decided to give the High Deductible Insurance and Health Savings Account a try. I have set up the HSA with State Farm and have check writing privilages ($25 annual fee for maintenance) once we go through the $3000 that DH's employer fronts. All maintenance is covered (so things like annual exams for kids and ob/gyn pap/mammograms are covered) We will continue Rx through medco and I'm starting the year with 2.5 month supply.
Anyhow, the FSA had $120 left in it. I put through $71.50 for dental deductible on DDs sealants and $14.97 in OTC from CVS (they give a handy-dandy receipt showing FSA 's health care eligible total) so I am going to have to kiss the remaining $34 good-bye. I was just too lazy to make it out on the 31st for a second trip to CVS!
While I am somewhat trepidacious about this new High Deductible & HSA stuff, if it doesn't work out, we can always return to our FSA and traditional plan.
The new me says, "I can't wait for that $86 to apply to the HELOC."
Anyone else doing HSAs?
Farewell Flex Spend Account - Last Reimbursement faxed in today
January 3rd, 2008 at 10:57 pm
January 3rd, 2008 at 11:14 pm 1199402047
Hey, wait a minute! I thought they eliminated OTC drugs from being eligible for FSAs?
And usually you have until about March 31 to dig up any receipts of least year's expenses. Man, I really loved that most of my FSA deductions were automatic and online this year - that was great!
January 3rd, 2008 at 11:40 pm 1199403621
I don't think they eliminate OTC drugs - on our FSA paperwork it is right there after MD, Rx and before Vision, Dental, Hearing. Though on the receipt from CVS it does say "Plan restrictions may apply. Check with your plan administrator for more details." I am not sure until March 31st deadline as DH's employer switched from United Healthcare to BC/BS and we switched plans altogether.
I will be interested to see how we fare this year. DH sort of went, "Well ... if you think it's worth a try ..." so I'm hoping I don't have to say to him, "Gee you were right". What I like about the HSA is the funds can be used toward COBRA costs and DH went from one uncertain job (though it did take five years for him to be laid off - now his new job is sort of questionable)
January 4th, 2008 at 01:03 am 1199408598
That's my blog entry on our new HDHP. I still haven't decided where to set up the HSA, but I'm pretty sure we'll go with HSA Bank.
I'm like you ... A bit anxious to see how the system actually works.