I have a question about my hsa (health savings account) that I have with my job?

Question

I'm contributing $500 to the account and my company is putting in $1200. Is all of that money available right away? I'm asking because I just found out I'm pregnant and after I went to my first dr appt I got a letter in the mail stating I have to pay them $2400 (my deductible I think) by the end of May. I of course dont have that and want to know if I can use my money in the hsa right away.

Answer 1

You may use the money in your HSA right away.

Before paying the $2400 though, I would check with your insurance company to see if the $2400 is the, "allowed amount." In other words, is the $2400 the negotiated rate approved by the insurance company, assuming you are seeing an in-network provider.

Answer 2

Talk to your personnel office or plan administrator they can answer the question.  My concern is with the DR. who wants that much money up front.  Try to work out terms with the Dr.

Answer 3

Greetings,

I'm happy for you and also a little anxious for you.

First, congratulations on the new baby.  I'm not sure if this was planned or not, but having 3 babies of my own, I know that they are a blessing!  (And a lot of work too.)

It sounds like the doctor’s office has cold water in their veins.  But, it's understandable too - a lot of people expect that they should get "free service" and someone else should pay for it.  It doesn't work that way for private clinics though.  They are under the gun too.

Check with the company that you are working for to see the details.  I suspect that they are contributing $100 per month and not in a lump sum.  But check anyway.

Try to think up some creative ideas regarding funding your HSA account.  

Be sure to check back with your doctor's office to set up a payment schedule.  Most offices are very willing to work with the financial needs of their patients--it's better to get the fee in bits and pieces than not at all!

Did you file taxes for last year?  You might be getting money back in the form of a tax refund.  You most likely will be receiving a "tax rebate" that has been in the news lately.  You can send it right into your HSA.

There are other ways to fund raise.  At work, you can do a baby shower and people can donate to the HSA fund.  Do you attend church?  Many times, this is a way to seek help.  Also, look up a Pregnancy Resource group in your area - they help with baby stuff, often at low or no cost.  

Lastly, do you have friends and family that you can call on?  If people you know all donate $50 to your HSA, it could add up pretty quickly.

Best of luck to you!

Jeff