Anyone using HSAs?

[TromboneAl]

SG,

Things may have changed since you last researched it.

At Blue Cross, the HSA plan that I switched to was similar to the other high deductible plan, and cost less ($162/month vs. $203/month).  Of course, the complexity of the plans muddies the water so much that you can't really compare them (different deductibles, other differences).

Looking at Saturna (HSA Custodian), I could invest in their short term bond fund, which has an expense ratio of .3% (see related post), and there are no other fees whatsoever.

I just spoke with someone at Sterling HSA, and for them there would be a $20 annual fee, and no other fees to invest in, for example, a Vanguard mutual fund.  No, they didn't give me all the numbers.  There would be a $35 setup fee, a $2.50 per month fee, and a .5% expense.  So, to invest $4,000 in a Vanguard mutual fund, the total for the first year would be $85.

 

[REWahoo]

I have heard some individual stories on this board about exclusions but how bad is it going through the underwriting for an individual plan? Is it a case that they really stretch to find things to exclude or is just the major stuff that they hit?

Looks like no one else is going to respond, so...

Example: Three years ago had dime-size pre-cancerous spot removed from skin. Coverage excludes any form of tumor or malignancy of the skin until the 5th anniversary of having the spot removed.

Example: Congenital kidney cyst. No change in size or any indication of problems in initial 57 years of living :. Coverage excludes any benign disease or disorder of the urinary system for the life of the policy.

Hope that gives you an idea of what takes place in the underworld underwriting.

 

[sgeeeee]

SG,

Things may have changed since you last researched it.

Thanks, Al. It is on my list of things to re-visit before the end of the year. (I don't have too much time left.) I'll check out those leads.

 

[sgeeeee]

I have heard some individual stories on this board about exclusions but how bad is it going through the underwriting for an individual plan? Is it a case that they really stretch to find things to exclude or is just the major stuff that they hit? Somebody recently said to expect a 20% or so increase in the online estimates of insurance costs.  

When I was applying, I filled out the forms and questionaires. Because of the horror stories I'd heard, I applied for insurance from 3 different companies at once. It researched about a dozen and ended up with these three as approximately comparable.

Two years earlier I had orthoscopic hernia surgery. That was the only item that came up on the 149 question survey for both my wife and myself. This is about as routine as it gets. One insurance company (BCBS) only offered coverage with an exclusion. I asked how long the exclusion would apply and they told me that I could ask them to review the exclusion in two years . . . no promises. I asked if there was a rate reduction since I wouldn't be getting as much insurance. They laughed.

One insurance company (Golden Rule) sat on the application for over two months without doing anything. Finally, about a week before the deadline I had given them when I needed the insurance, they called and offered to sell me a really expensive temporary policy for a few months to give them time to consider my application.

 

[MJ]

One insurance company (Golden Rule) sat on the application for over two months without doing anything. Finally, about a week before the deadline I had given them when I needed the insurance, they called and offered to sell me a really expensive temporary policy for a few months to give them time to consider my application.

Pretty sleazy.

 

[Nords]

One insurance company (Golden Rule) sat on the application for over two months without doing anything.  Finally, about a week before the deadline I had given them when I needed the insurance, they called and offered to sell me a really expensive temporary policy for a few months to give them time to consider my application.

Apparently they have the gold and thus feel entitled to make the rules... preferably when you don't have enough time left to ask anyone else for gold!