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Old 12-27-2006, 05:00 PM   #61
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I just looked at your post dated 2006/9/27 where you calculated your costs for a 10 year period. You used a figure of $259/month for the HDHI for the first 5 years and then $316/month for the next 5 years. I guess I am not following something. Are you assuming that the premium will stay the same for the first 5 years, have one increase, and then not go up again for the next 5 years? If there is some health insurance like that I want to know about it!

I have had private health insurance (non-HSA) for almost 8 years and the premium is up about 1000% over that period of time! As it turns out, I reduced coverage a lot and increased the deductable in 2003 so with this new coverage it is still up about 475% from what it was in 1999.
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Re: HSA Summary
Old 12-28-2006, 08:17 AM   #62
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Re: HSA Summary

Quote:
Originally Posted by This space for rent
Two questions off the top of my head.

What happens if the US enacts a nationalized or state by state 'everybody is covered' plan like canada.



BTW, if you talk people who live in other countries with nationalized health plans,
you find out they still have privatized health care/insurance for those who can
afford it, apparently you get what you pay for.
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Re: HSA Summary
Old 12-28-2006, 09:29 AM   #63
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Re: HSA Summary

And there is one other great thing about HSAs that many people don't know about....

There is no time limit on when you have to take a withdrawl out of your HSA account for incurred medical expenses, so if you can afford to, you should allow the money in your HSA account to grow tax free, year after year, (you are not taxed on the interest the account bears), and then IF YOU WANT TO, and if you have saved all your medical receipts over the years, you can take a large, lump sum withdrawl = to the amount of your saved receipts whenever you are ready, with no taxes or penalties.

After age 65, you can take the money out of your HSA account without penalty even if you don't use it for a medical expense. If it is not used for a medical expense, then you would just have to pay taxes on it at that time.

I like HSA Bank. They do have a one-time $25.00 account setup fee and a $2.25 monthly fee for account balances under $3000.00, but once your account is over $3000.00, there are no fees, and the interest the account pays is very competitive. They also have pretty good customer service, and you can do all transactions online with no transaction fees.

Here is the info:

http://www.hsabank.com/products/hsa_rates.aspx
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Re: HSA Summary
Old 12-28-2006, 12:58 PM   #64
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Re: HSA Summary

I finally found a custodian with mutual funds that interest me.They offer DFA,American (with no load) as well as a number of others.
No application fee and $3.00 per month for maintainance. It's shawneehsa.

Ray

MODERATOR EDIT: Anyone interested in using this custodian should read the additional posts in this thread prior to committing any funds to the care of shawnee.
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Re: HSA Summary
Old 12-28-2006, 01:23 PM   #65
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Re: HSA Summary

That shawneehsa.com looks pretty good from a quickie review. FBALX (Fidelity Balanced Fund) seems like a good one fund approach to an HSA that may not have a huge balance and that you might need to access in the intermediate term.
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Re: HSA Summary
Old 12-28-2006, 01:57 PM   #66
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Re: HSA Summary

I'd keep my HSA in something really conservative, like short term federal bonds or such. Seems to me a good place not to take risks. When you need it, you really need it. Unless you have so much you can invest part of it more aggressively which seems unlikely.

I can just hear it now, "Sorry, Mr. Hospital Executive. I'll pay you in about 6 months or so when emerging foreign markets are up a bit more."
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As if you didn't know..If the above message contains medical content, it's NOT intended as advice, and may not be accurate, applicable or sufficient. Don't rely on it for any purpose. Consult your own doctor for all medical advice.
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Re: HSA Summary
Old 12-28-2006, 02:04 PM   #67
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Re: HSA Summary

Quote:
Originally Posted by justin
That shawneehsa.com looks pretty good from a quickie review.
Justin, I smell spam. "Ray" registers on the forum, makes one short post plugging a website...

Quote:
Originally Posted by raysk
I finally found a custodian with mutual funds that interest me.They offer DFA,American (with no load) as well as a number of others.
No application fee and $3.00 per month for maintainance. It's shawneehsa.

Ray
...then logs off after 5 minutes, maybe never to be heard from again. I'm sure the website is probably on the up & up, but....


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Re: HSA Summary
Old 12-28-2006, 02:10 PM   #68
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Re: HSA Summary

Quote:
Originally Posted by Rich_in_Tampa
I'd keep my HSA in something really conservative, like short term federal bonds or such. Seems to me a good place not to take risks. When you need it, you really need it. Unless you have so much you can invest part of it more aggressively which seems unlikely.
I never pay any medical expenses out of my HSA account, and I doubt others here do either. It's a tax shelter. Invest the same way you would in your IRA.

As far as shawneehsa, that website looks like it's a one-man show run out of a trailer park.
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Re: HSA Summary
Old 12-28-2006, 02:18 PM   #69
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Re: HSA Summary

Quote:
Originally Posted by mykidslovedogs
I like HSA Bank. They do have a one-time $25.00 account setup fee and a $2.25 monthly fee for account balances under $3000.00, but once your account is over $3000.00, there are no fees, and the interest the account pays is very competitive. They also have pretty good customer service, and you can do all transactions online with no transaction fees.

Here is the info:

http://www.hsabank.com/products/hsa_rates.aspx
One thing that looks out of whack to me with hsabank is the $1.50 per point of sale/debit card fee.

Maybe that's normal, but it could definitely add up if you use the account for paying for prescriptions and misc expenses that you don't get billed for.

Is there another way to pay for that type of stuff out of an HSA without incurring a transaction fee?

EDIT: I just realized that they make a distinction between PIN and signature based uses of the debit card. signature based uses are free. Can anyone explain the difference? I've never used a debit card.

Jim
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Re: HSA Summary
Old 12-28-2006, 02:22 PM   #70
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Re: HSA Summary

Quote:
Originally Posted by REWahoo!
Justin, I smell spam. "Ray" registers on the forum, makes one short post plugging a website...

...then logs off after 5 minutes, maybe never to be heard from again. I'm sure the website is probably on the up & up, but....
After looking at their website a little closer, I'd say do your own due diligence with shawneehsa. Looks like it could be a fake website...
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Re: HSA Summary
Old 12-28-2006, 02:25 PM   #71
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Re: HSA Summary

Quote:
Originally Posted by justin
After looking at their website a little closer, I'd say do your own due diligence with shawneehsa. Looks like it could be a fake website...
Here's a little DD for ya (STAY AWAY from these guys):

Registrant:
bretsworld.com
P.O. Box 191
St. Bruno, QC J3V 4P9
CA

Domain name: SHAWNEEHSA.COM

Registration Service Provider:
Register4less, support@r4l.com
514-905-6500
http://register4less.com

Registrar of Record: TUCOWS, INC.
Record last updated on 08-Oct-2006.
Record expires on 14-Aug-2007.
Record created on 14-Aug-2006.

Domain servers in listed order:
NS1.DNS4LESS.COM 65.39.170.196
NS2.DNS4LESS.COM 63.76.232.139
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Re: HSA Summary
Old 12-28-2006, 02:31 PM   #72
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Re: HSA Summary

Quote:
Originally Posted by magellan

Is there another way to pay for that type of stuff out of an HSA without incurring a transaction fee?
Some HSA administrators allow you to write checks, or simply send in a request for reimbursement whenever you want to withdraw funds. A couple of us here use hsaadministrators.com, which doesn't charge a transaction fee for withdrawing funds, but there is a $20.00 set up fee, a $39.00 annual administration fee, and a quarterly 'custodial fee' of 0.0009 of your account balance. They allow investments in a limited selection of Vanguard Funds.

No free lunch, but...

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Re: HSA Summary
Old 12-28-2006, 02:43 PM   #73
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Re: HSA Summary

Hi All,

Since we are on the conversation of trustees for HSA accounts, here is a site provided by nahu.org (national association of health underwriters) that lists all of the trustees that they might recommend as reputable:

http://www.nahu.org/legislative/MSAs...20list5.09.pdf


This link includes direct links to each bank's website if they have one. (Shawnee is not in the list).
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Re: HSA Summary
Old 12-28-2006, 02:46 PM   #74
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Re: HSA Summary

My local credit union (with around 1 million accounts, very reputable) has 5% APR HSA accounts and they aren't on the nahu.org list, so apparently the nahu.org isn't exhaustive.
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Re: HSA Summary
Old 12-28-2006, 02:46 PM   #75
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Re: HSA Summary

Quote:
Originally Posted by magellan
EDIT: I just realized that they make a distinction between PIN and signature based uses of the debit card. signature based uses are free. Can anyone explain the difference? I've never used a debit card.
Jim
I have no idea what a signature based use of a debit card is.. you might try contacting their (HSA Bank's) customer service dept. and ask. We have lots of clients who use HSA Bank debit cards, and I've never heard any complaints about transaction fees.
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Re: HSA Summary
Old 12-28-2006, 02:52 PM   #76
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Re: HSA Summary

I just got our HSA debit card from Aetna yesterday. Their brochure says to say or select "credit card" to get a signature based transaction and to say or select "debit card" and you will be required to enter a PIN. I don't think Aetna charges a different fee for each, but some service providers might charge you a transaction fee at the point of service(?).

Our HSA debit card also allows no-fee cash withdrawals at ATM machines to cover reimburable expenses (just maintain your own records). Our credit union doesn't charge a fee at their ATM's for third party debit/ATM cards, so I can always get reimbursed that way if I want. I may just keep the money in the HSA and let it grow tax free.
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Re: HSA Summary
Old 12-28-2006, 02:57 PM   #77
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Re: HSA Summary

Quote:
Originally Posted by justin
My local credit union (with around 1 million accounts, very reputable) has 5% APR HSA accounts and they aren't on the nahu.org list, so apparently the nahu.org isn't exhaustive.
I don't think the nahu.org list is meant to include all the local banks. I think it specifically targets banks that market that they specialize in HSA accounts. Most local banks offer HSA accounts too. I've never heard of Shawnee, but that doesn't mean it's no good. I tried setting up a login just to see what kind of personal info. they asked for, and when it got to the part where it required my phone number, I decided not to go any further.

Here's another site that rates different HSA trustees based on certain criteria that you choose. I thought it was a pretty clever idea:

http://www.vimo.com/hsa/index.php?of...&sorttype=desc
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Re: HSA Summary
Old 12-28-2006, 03:12 PM   #78
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Re: HSA Summary

Quote:
Originally Posted by magellan
Is there another way to pay for that type of stuff out of an HSA without incurring a transaction fee?
Oh one other thing is that if you order checks for yourself and then just take a lump sum withdrawl once every year or so, then you are not going to have a transaction fee for just writing a check to yourself out of the account.

Or, if the bank has online banking, they usually don't charge fees for doing online transfers from the hsa account to your personal checking or savings account either.
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Re: HSA Summary
Old 12-28-2006, 03:16 PM   #79
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Re: HSA Summary

Quote:
Originally Posted by justin
I just got our HSA debit card from Aetna yesterday. Their brochure says to say or select "credit card" to get a signature based transaction and to say or select "debit card" and you will be required to enter a PIN. I don't think Aetna charges a different fee for each, but some service providers might charge you a transaction fee at the point of service(?).
Thanks to Justin and mykids. I think I understand the difference better now.

Looks like another case of businesses trying to provide low cost solutions for the customers that are paying attention while making a few extra bucks ($1.50 per transaction) off the customers that aren't. I guess that's fair since it's fully disclosed...

Jim
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Re: HSA Summary
Old 12-28-2006, 03:16 PM   #80
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Re: HSA Summary

Quote:
Originally Posted by wab
Here's a little DD for ya (STAY AWAY from these guys):

Registrant:
bretsworld.com
P.O. Box 191
St. Bruno, QC J3V 4P9
CA

Domain name: SHAWNEEHSA.COM
When you attempt to enroll, guess what they ask for...

"Account enrollment can be completed online. Prior to begining, please have the following information available.

* Your health insurance card
* The last four digits of your dependents' social security numbers
* The names, addresses, and social security numbers of your beneficiaries
* Checking account information - account number and routing number"


Say goodbye to your identity and your bank balance!!!

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