How much should I contribute to my HSA in 2018?

Posted by Emily Kubis on Mon, Jan 29, 2018 @ 07:01

What individuals should know

Wondering about the best strategy to fund your HSA this year? There isn’t a one-size-fits-all approaches to Health Savings Accounts, but here are a few things to consider.

First—what’s an HSA? Consumers with high deductible health plans are eligible to fund Health Savings Accounts. These savings accounts allow consumers to contribute funds tax-free to be used for qualified medical expenses. You never pay any taxes on funds used for medical expenses, and unused funds roll over every year. After age 65, you can continue to use the funds for medical expenses, or you can withdraw the funds for any use and pay only income taxes.

So how much should you contribute?

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Tags: HSA-eligible plans, HSA-based plan, HSA questions, HSA Advice, HSAs, health savings accounts, HSA Plan

Consumers missing HSA investment opportunity

Posted by Emily Kubis on Mon, Oct 02, 2017 @ 07:10

Most using HSA as a specialized checking account 

According to a study from the Employee Benefit Research Institute, the vast majority of Health Savings Account holders are not taking advantage of the investment potential of their accounts.

The study reported that most account holders use their HSAs as “specialized checking accounts,” using the funds to cover deductibles, coinsurance and copayments. But they aren’t taking advantage of the investment opportunity of HSAs, nor are they maximizing their contributions.

The report found that just 4 percent of account holders invested their HSA balance, and the average total contribution in 2016 was $2,922, less than one half of the allowable maximum for family coverage.

While using HSAs for healthcare expenses is valuable, maximizing contributions and investing funds can be the most effective way to benefit from the accounts.

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Tags: individual digest, Individual health insurance, High Deductible Health Plan, deductible, health insurance deductible, high deductibles, health savings, health savings account, health savings accounts, HSA, HSA Advice, HSAs

How to reimburse yourself from your HSA

Posted by Emily Kubis on Mon, May 01, 2017 @ 10:05

What to do if you don’t have enough in your HSA to cover your bill

Have a Health Savings Account and experience a medical event? Even if you don’t have enough in your HSA to cover the bill at that time, you can reimburse yourself later.

As long as the account was opened before the healthcare experience occurred, you can reimburse yourself at any time. Here’s how it works.

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Tags: individual digest, Individual health insurance, High Deductible Health Plan, deductible, health insurance deductible, high deductibles, health savings, health savings account, health savings accounts, HSA, HSA Advice, HSAs

Hack your finances with an HSA

Posted by Alex Tolbert on Wed, Mar 29, 2017 @ 08:03

Check out this column on the Huffington Post

Health Savings Accounts are a great tool for U.S. consumers to save and invest. While many consumers know that HSAs can be used to pay for qualified medical expenses, savvy savers can reap a number of investment and financial benefits by maximizing the advantages of their HSA.

These tips will only become more important as Republicans reform the health insurance industry. Expanding contribution limits are a key part of conservative proposals, and this may further incentivize smart use of these accounts.

First, let’s start with the basics—what are HSAs and how do they work?

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Tags: Huffington Post, healthcare costs, health insurance, HSA, HSA Advice, health savings account

Why don’t employees choose HSA-eligible plans?

Posted by Emily Kubis on Fri, Feb 17, 2017 @ 10:02

How to address common challenges

Health Savings Accounts are the foundation of Bernard Health. We built our brokerage in 2006 on the principle that HSAs were key to making healthcare more effective and sustainable for employers, and have since then helped hundreds of employers adopt an HSA strategy.

But we know that some employers struggle with adoption. In fact, industry averages indicate only 7 percent to 10 percent of employees sign up for the HSA option, negating the savings employers can find in transitioning to this type of plan. What’s going wrong?

At Bernard Health, our average enrollment in HSA-eligible plans is 81 percent. We’ve been helping employers introduce this strategy for more than 10 years, and we know the challenges you may face. We’ll cover those below. And if you aren’t sure whether this strategy is right for you, be sure to download our free case study: Consider HSA-Eligible Plans for more information on how they work, what savings you may find, and more information on these challenges.

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Tags: employers, solutions for employers, employer digest, HSA, HSAs, HSA Plan, HSA Advice

HSA Advice: Top 5 Reasons You Should Have a Health Savings Account

Posted by Ryan McCostlin on Mon, Feb 20, 2012 @ 17:02

HSA Rules for Your Future

More than 10 million American workers and families now have Health Savings Account (HSA) based health insurance plans. Though not a panacea for driving down healthcare costs, HSA based plans can save Tennesseans money and introduce consumership to a healthcare market fraught with misaligned incentives. If you'renot sure how the Health Savings Account works, here is some great HSA advice.  

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Tags: affordable health insurance, Bernard Health, best health insurance advice, individual health insurance questions, individual HSA, company HSA, health savings account nashville, family health insurance in tennessee, health insurance in tennessee, HSA Advice

Health Savings Insurance: Saving with HSA

Posted by Alex Tolbert on Sat, Sep 11, 2010 @ 09:09

Questions About HSA?

I love my fiance.  So, when Erin told me that she needed an individual HSA plan, I told her I would help her, and even waive the fee we normally charge for InsurAdvise here at our store in Nashville, Tennessee :)

Then, I did all of the work for her.  I picked the right individual HSA plan.  I navigated through the online application.  I made up her username, and a password, made her secret question "Who do you love", and then emailed it all to her and told her she better know what her secret answer was.  

All she had to do was put her correct social security number in the online application, answer the health questions, and then hit "submit." I saw Erin that night.  She thanked me, I said "no problem," and then she said she had also gone ahead and bought the individual dental plan.

Hmmmmm.  I had purposefully "waived" it for her, but she changed that and bought it.

She said she had always had dental, and besides, what if someone punched her in the mouth?

Now, Erin doesn't like to talk about what I'm going to share here, so I'm going to ask that you keep it to yourself.  She played rugby for two years in college, and only quit after breaking a bone for the *second* time.  

So, I guess it's understandable that she may overestimate slightly the likelihood of getting punched in the mouth.  Regardless, an individual dental plan, while good in many situations, would most likely not help her too much even if she did need it.

Once I told her that, she said, "Well, what about cleanings?"

We talked through the fact that she was having a cleaning later in September while still on her current group plan, and then before it was time for another one we would be married and she would be on the Bernard Health group dental plan.

At that point, anxiety washed over her face.   She realized she was going to be wasting about $150!  And how was she going to go back and fix it?  Was she going to have to go back and call the insurance company?  Would there be *gasp*...forms??!

Erin graduated from college early, wields an impressive Masters degree, and works in healthcare as a nurse practitioner.  The moral of the story--you can buy insurance online. Absolutely.  It's there for sale.  Sometimes, though, it's worth it to have someone sitting right there with you while you make the decision and even while you fill out the online form!

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Tags: HSA Advice, HSA questions, health savings accounts

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