Health Savings Account

I've never heard of it. Sorry. What I do know is it's rollover period and making these decisions are really difficult. This year for me, the choices stayyed the same, but the monthy prices went up as well as the services. Is there someway you can look into the company?

I have a small business and we recently spoke to MVP about this program. It's good for the employer and good for MVP, but not so good for an employee who is used to the old fashioned type of insurance where the company pays and the employee supplies a few co-pays. The big difference is in primary care, it basically becomes your problem. This type of insurance tends to have very large deductibles almost to the point of catastrophic. Both you and your company put money into the savings plan and you decide how to spend it if you face large medical bills, the problem is there are all kinds of caps that protect the insurer and the company, but not the employee. Many companies will probably start using this type of plan because it offers big savings to the bottom line and still looks like they are offering benefits. Insurers like it because it makes an employee think twice before dipping into the fund. Plans vary, so I don't know the details of what your company has decided on. You probably won't know the real results until you try and use it.

Thanks for the info. I know our employer has offered to pay the deductible (3,000 yr). We will have to contribute 4.5 % of that. It is definitely scary. Seems like the bills could add up fast.

since I'm not on this type of plan, I couldn't give a first hand opinion.

However, when I read the initial post, I looked up this type of insurance, and it certainly didn't look like any type of health insurance I'd be interested in.

Just sounds like catastrophic coverage insurance to me.

It's easy to rack up a couple of hundred thousand with a serious illnes. at 4.5%, that's 9K.