Saturday, March 1, 2014

To Clarify Previous Post Just a Wee Bit

First of all my profile states and upfront admits that I/we have been horrible with our money and just now really getting it.  I know I've messed up in the past but I am really working to correct it even though I am 52.

Now.........dh and I have different insurance policies through our respective jobs.  If either of us added the other to our plans, the premiums would skyrocket.  I don't know all of the details of his plan but my plan has a $2000 deductible and a $2000 coinsurance so basically after I pay $4000 then everything is covered.  That is pretty much what I spent last year for my back surgery. 

Neither one of us have HSA's offered through our employer and I'm not so sure that is what I want anyway.  I can't really talk about what I do at work but suffice it to say that I do have a little bit of experience of dealing with HSA's and it would probably be fine for dh but I really don't think it would be as great for me.  I can't really say much more than that.

I know that hospitals offer payment plans but I was taken by surprise when I was told at my admission that they were requesting the 2 grand up front.  I used to work at this same hospital in the 1990's and at that time we would never ask for payment up front but healthcare has certainly changed since then.

I hope dh doesn't have a torn rotator cuff because of what people have said about the surgery and recuperation.  It sounds like it would be much worse than my back surgery.  I dealt with horrible back pain for about 20 years and even though there was pain for the surgery I had immediate relief from the throbbing burning sciatic pain.  That part was awesome.  I still have quite a bit of pain in the left SI joint and that concerns me.  It keeps me up a lot at nights and lord knows I don't want to have to go through any more therapy, epidural steroid injections or whatever they do to help with that. 

3 comments:

  1. If you have run the numbers, and it makes more sense to do so, keep with the individual coverage at your respective companies/employers. Alternatively, do either of you qualify for any state run medical ins coverage? FYI: Here's a good link about HSA's:

    http://njaes.rutgers.edu/healthfinance/health-savings-accounts.asp

    Can you share your hesitancy in selecting a HSA as an option? You use pre-tax $, so you have an incentive, the $ accululates (I'd minimally set aside $4000 in your case) to cover out of pocket expenses. Unlike a FSA, funds accumulate, but they can sit there forever, building a nice nest egg, or an EF against unexpected medical expenses. Food for thought.

    Rotator cuff surgery is rough, again, I've had both shoulders done (5/13 and 1/14). First 3 weeks totally suck, gotta sleep in a recliner, ADL's remain a challenge. Now that I am in phase 2 of PT rehab, we are starting to work on mobillty, and finally strengthening. It's anticipated that I will be out of work 8 weeks, and once I return, with limitations.

    Good luck.
    Carol in CT

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  2. my employer requires me to have insurance through them. Go figure. I was told that with an HSA we would be responsible for prescription costs until you meet whatever your high deductible is. I take prescriptions daily or at least I do if I want to be able to breathe! LOL. So paying full price for the prescriptions PLUS putting away the money for the HSA would be prohibitive for us. Now I don't know if that is true and neither one of our employers offer HSA's so for now it isn't an option even if we wanted it.

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  3. Um, NO! that is not true, regarding the HSA requiring that you would end up paying more for RX. A high deductible plan requires that you first meet the deductible, then if co-insurance is a factor, meet that second amount before the ins would kick in and pay everything. I'd ask for that in writing! Goes against the law for Pete's sake.


    The HSA is a tool, you set $ aside to pay for these expenses not yet covered by ins, and the monies would be put in by you, (sometimes the employer also contibutes) and you draw the monies out to pay your not yet covered by insurance as you are still meeting a deductible/coinsurance.

    Here's a scenario: you have $77 taken out of each weekly paycheck, and placed into a HSA. )I averaged your $4000 deductible + co-ins amounts to get that figure. You file claims against the ins, as a means of them tracking your expenditures. Before you hit that magic number of $4000 in medical expenses, you either use a debit card or a check and withdraw monies against the HSA (remember $77/week) and pay yourself back. Your end of the year taxes will be less as the $4000 (or more if not less) that you decide to put in, is not taxable income. Incentive right there. Additionally, any monies in the HSA that aren't used this year? no problem! unlike a FLEX account, they just roll over and you keep them forever for medical costs.

    If neither of your employers offer this, please read the link I sent-you may be able to open your own HSA, outside of work, if you meet all of the requirements.

    Carol in CT

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