Does anyone have experience with a Health Savings Acount (HSA)?

[rvt1000rr]

My employer is considering switching from our current health policy to a company wide HSA.
I will admit that all I know about this is what I read on a quick Wiki search.
Do they work? I am just looking for a little advice...thanks in advance.

[Fuddnik]

1. My wife had one that was supplemental to their policy.

If you don't use it, you lose it.

Bad idea.

[The Velveteen Ocelot]

4. That's an FSA (Flexible Spending Account).

If you have an HSA you get to keep the money - it's yours. It's FSA money that you forfeit if you don't use it.

[Spacemom]

5. Health Savings accounts roll over year to year

It's Flexible spending accounts that are use it or lose it.

HSA is basically a checking account you (and your employer) can deposit pre tax dollars into and use for health related expenses.

[jberryhill]

2. "our current health policy"

What is your company doing currently?

[The Velveteen Ocelot]

3. I have one. I'd rather have had a low-deductible policy, but

those seem to be things of the past. The good thing about the HSA is that you can take a tax deduction for the amount you deposit in it (up to a certain limit), and you would be taxed only to the extent you used the money for non-medical expenses. You can get a debit card and use that to pay whatever isn't covered by the policy (I've been using mine for some dental expenses). The best thing is that you get to keep the money, unlike the FSA, where you forfeit whatever you don't use it in a given year. I have now retired but I still have my left-over HSA account, which is mine, all mine.

[iwillalwayswonderwhy]

6. i have an HSA along with a low-cost high deductible catastrophic health insurance plan

I pay 6$ a paycheck for the insurance and $125 into the HSA. It is not use it or lose it. Once you hit the age of 65, you can't add money to it anymore. I'm 58 and plan to sock it in there as long as I can. As long as you use it for medical expenses , it's not taxable income. But I do feel more protected with the additional insurance with a 10k cap. 10k is nothing in a medical emergency.