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Hsa Insurance Definition Question & Answers

2013 October 26
by Sarah Fields

Ken asks…

Insurance Question?

Man Insurance confuses me! If you have a deductable does that onlycount towards emergency services, like hospital stays, or does it count towards things like yearly exams and regualy Dr. Visits. Thats co-pay right?

Sarah Fields answers:

You need to get the book “Healthcare for Less” by Michelle Katz…the book explains all of these definitions in “easy terms” as well as what to look out for and how to get the best deal in you healthcare…..including the questions you should be asking when selecting a health insurance…..The $15 I paid for the book at my local Barnes and Noble has been the best investment,,,,,,,I now have an HSA and that is the perfect insurance for me!!!!

Robert asks…

Whats the cheapest HMO for seniors?

My elderly Uncle has asked me to find him an HMO.He still works but has pre-existing conditions.He needs help w/ the mounting medical costs.What can I do? There is no Kaiser in NY where he is.

Sarah Fields answers:

How old is he? You will want to look into Medicare and sit down with someone from your local CMS office to go over deductibles, co-pays, premiums etc. If he has pre-existing conditions, you will want a PPO, it may be less expensive in the long run and he won’t have to see a “gatekeeper” every time he needs to see a specialist. I highly recommend getting the book “Healthcare for Less” by Michelle Katz. I purchased a copy at my local Barnes and Nobles after seeing her on NECN talking about ways you can save money in healthcare that people do not even know about. I needed to find an insurance that was good for me, and the book guided me through this process by providing websites, simple definitions and even questions you would not even think about asking, but should. I chose an HSA because I was sick of throwing money out the window because I am a healthy individual. This plan works like an IRA/trust. The book has a lot of other great information like how to chose the right doctor, government programs and a simple diagram on Medicare Part D as well a chart on the preventative tests you should be taking at certain ages. Also, go to I found the book is about $10 and the reviews are great! I am actually getting a book as a gift for my mother and a friend of mine for their birthdays this weekend since they are confused about our system and this will really help them. I hope that helps!

George asks…

Do democrats and/or liberals REALLY agree to these things?

1. A new 10% excise tax on indoor tanning services on services provided after June 30, 2010

What, no outdoor tax??

3. A requirement that businesses include the value of the health care benefits they provide to employees on W-2s, beginning with W-2s for 2011.

Does this mean this will add into our taxable income, even though the EMPLOYER bought this, and NOT the employee?

7. A ban on using funds from flexible spending accounts, health reimbursement arrangements or health savings accounts for the cost of over-the-counter medications, starting in 2011.

11. A new tax on individuals who don’t obtain adequate health coverage by 2014. The tax is be phased in over three years, starting at the greater of $95, or 1% of income, in 2014, and rising to the greater of $695, or 2.5% of income, in 2016.

See the link, the others are too abhorrible to mention here. Do you REALLY agree to all this crap? If you do, WHY?????????

Sarah Fields answers:

1. Well, the government taxes all sorts of things that are bad for you – tobacco and alcohol jump to mind. Why not tanning?

3. I thought that was the case already. The IRS defines income as “income, from any source”. If the company pays for your health insurance, I thought that fell under the definition of income already.

7. Do not agree with this one. But, then again, I don’t have a HSA, because I know what happens to the money at the end of the year.

11. This one I am on the fence about. Why should I have to pay for people who can’t pay their medical bills? Shouldn’t there be some penalty?

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