Funding Health Savings Account - RV-Dreams Community Forum

Ckerr · RV-Dreams Family Member

Funding Health Savings Account

janni · RV-Dreams Family Member

I am working on my end of year numbers and intend to post what I have learned. Went from a full coverage policy to high deductible. My "event" started on the 30th of December last year so had to foot two of those high deductibles but was still the only thing that kept my head above water. I know mine was over a million also. I had no preexisting and was very healthy prior to this. I almost dropped all insurance and it would have been devastating.

I guess I should edit to say that if you have over a million in savings it would be enough.

-- Edited by janni on Friday 18th of January 2013 11:51:40 AM

Lucky Mike · RV-Dreams Family Member

Health savings accounts are great until a major Medical Strikes...........which will deplete everything you have.........I went through this in the last 2 years at a cost of over 1 million. if I had not gotten health insurance 3 yrs ago think of where I would be right now!!!!

PIEERE · RV-Dreams Family Member

Serving my three in the military; the VA pulled through with most of the medical bill last March. If it wasn't for it I would have not known where to turn.

Technomadia · RV-Dreams Family Member

A HSA (health savings account) is not a replacement for an insurance policy, it is used in conjunction with a high deductible plan. It allows you to put aside money into an account - similar to an IRA or 401k, that is tax exempt (which is why you can move money between them). When you have a medical expense, you pay out of that account. If it's a covered expense, it tallies up against your annual deductible. When you reach your deductible, the plan starts paying. For us, it's been a good balance.

We pay a reduced premium for the plan as compared to our prior coverage, and put the savings into the HSA.

- Cherie

janni · RV-Dreams Family Member

I probably should clarify my post as I do know what a HSA(health savings account) is. I belong to a couple other boards and have seen the insurance issues brought up several times. A lot of people that move to this lifestyle are looking for ways to carry some insurance but not pay the high premiums. The savings account along with a high deductible works out well for most. I just want to caution all that if are still providing your own insurance to be well aware of what can and does happen. The high deductible plan I have is through Blue Cross Blue Shield and paid well. I paid the 7000 deductible and then they contributed a percentage up until 10,000. So with an end of year hospitalization(making it two years deductible) it was 20,000 before they covered 100%.

I ended this year with one overnight stay in hospital and it was over 10,000 so I know the deductibles are easy to meet as long as you keep that much on hand.

My hospital bills are all paid but it wasn't easy and in hindsight I would have tried to keep my full coverage.

Technomadia · RV-Dreams Family Member

Indeed, janni - you really do have to be aware of how quickly a high deductible plan can add up, especially if you're treating over the turn of a year like you unfortunately ran into. And, you need to be aware of what the out-of-network deductible is, which as a traveler you're likely to need to use that if you happen to be somewhere that providers on your plan aren't.

Unfortunately for mobile-friendly individual plans, there are few options that aren't 'major medical' plans.

I was actually more clarifying Lucky Mike's comment that a HSA will deplete everything you have... which is not necessarily true.

- Cherie

Jo And Craig · RV-Dreams Family Member

I'm not 100% sure I'm in the correct forum for this, but since it is on the topic of insurance...

I am wondering if anyone here has ever checked into "travel insurance". We are "cruisers" (and gonnabe RV full-timers) and have always purchased travel insurance for each cruise... mainly for the medical evacuation portion. To be air lifted off a cruise ship could break the bank. So, one day fairly recently I contacted Travel Guard and asked if they offered insurance and coverage for those who RV full time. She said they did. I believe they offer primary and secondary medical coverage (depending on the policy you purchase), but I am not real savvy when it comes to all the details. Has anyone ever contacted a travel insurer for coverage while full-timing? Maybe this is the answer? The premium is based on your age and a few other things. What do you all know about travel insurance for RVers?