Skip to content

Hsa Insurance Premiums Question & Answers

2014 February 19
by Sarah Fields

Richard asks…

Can I have two health insurance plans – a HSA and a POS?

My wife and I both work full time with different employers that offer health insurance to us. My employer offers a HSA (Health Savings Account) style plan with a high deductible. My wife’s employer offers a POS (Point of Service) plan with a co-pay style of insurance.

Assuming we pay the insurance premiums for both plans can I be covered under both my wife’s POS plan and my own HSA plan? And can our kids be covered by both plans?

Sarah Fields answers:

1. The plan with the high deductible is not an HSA. The plan is technically called an HDHP or HDHP-compatible insurance. The actual HSA is something separate.

2. If you pay for two (or more) plans, then neither plan pays for anything immediately, and you do not get to decide which plan pays for which things. Instead, the insurance companies, not you, decide which of them pays, and it takes them a long time. Because the doctor, hospital, or other provider must be paid on time, you have to pay, in full, 100% out of pocket, and then get reimbursed when after the insurance companies decide which of them will pay.

3. Although it is a bad idea for these reasons, you technically can have both the POS plan and the HDHP (HSA-compatible) plan. However, you cannot have these and have an HSA account (which is the savings account, not the high deductible plan). You can have an HSA only if the HDHP is your only insurance.

Donald asks…

What is the relationship between a health insurer and a bank in regards to an HSA?

I am just curious as to how the two interact with each other when an HSA is set up. My health insurance offers an HSA but I would have to also set up an account with a bank. How does the health insurance company and the bank work together under an HSA? Thanks!

Sarah Fields answers:

You have asked this same question previously and since your agent can’t seem to be able to explain it to you let me see if I can explain:

There are two parts to an HSA. The health insurance part and the savings account part. The insurance company operates the health insurance part and the bank operates the savings account part.

You first buy an HSA qualified health insurance plan. You are not required to set up the savings account if you don’t want to. If you want to set up the account you set that account up through a bank. If the insurance company recommends a bank you can use that bank if you want. Not all insurance companies will recommend a bank. You can use your current bank if they have HSA options, many banks do and all of the larger banks have HSA accounts available.

The only connection that insurance company and the bank would have is the insurance company may offer to collect your HSA deposit funds along with the premium, and would then forward those fund in your behalf to the bank. Not all companies will do this, and they won’t do this for all banks.

You cannot by law set up an HSA account if you do not have an HSA qualified health insurance policy. If you previously had an HSA qualified insurance policy and have an HSA account but no longer have that HSA qualified policy you can still withdraw from your HSA account but you cannot add any more funds to that account.

William asks…

What will be my health insurance premium?

I’m 60 years old with only two problems: high cholesterol for which I take a cholesterol medicine and high blood pressure for which I take blood pressure medicines.

I don’t smoke and I’m not over-weight and in good health otherwise.

How much would my monthly premiums be if I get a HSA with say $5,000 deductible?

I’m assuming purchase after January of 2014

Sarah Fields answers:

They will be whatever the premium is in the state where you are living then. They won’t be what they are in the other 49 states. It is going to be at least twice as much, and probably more life 5 or 10 times as much, in one state as in another state. Ask your question again with the name of the state.

Powered by Yahoo! Answers

Leave a Reply

Note: You may use basic HTML in your comments. Your email address will not be published.

Subscribe to this comment feed via RSS