Health Savings Account

Joan Haynes, ND

A Health Savings Account (HAS) makes a lot of sense for people who would  rather spend their money on alternative medicine instead of paying for insurance premiums for health care they don’t use.

In Idaho, Naturopathic Medicine and/or massage is covered by some, but not all insurance companies. Instead of paying high insurance premiums, many patients are opting for a High Deductible Health Plan (HDHP) along with a Health Savings Account (HSA). An HAS makes a lot of sense for people who rather spend their money on the kind of health care they want instead of paying for insurance premiums.

A HDHP, also referred to as a Catastrophic Health Insurance has deductibles ranging from $1000 to $5000 or more. HDHP are offered by many employers and can be purchased by individuals as well. There are many insurance companies that offer these programs.

Like a Flexible Spending Account (FSA), the HSA allows you to contribute tax-deductible dollars into the account and spend them tax-free on medical costs. However money in a FSA is lost if not used within a grace period. In a HSA funds roll over and accumulate year to year if not spent. HSAs are owned by the individual and most accounts accrue interest. HSA funds are used to pay for qualified medical expenses at any time without federal tax liability. However, beginning in early 2011, OTC (over the counter) medications cannot be paid with HAS dollars without a doctor’s prescription. BNH doctors can provide patients with a prescription.

Utilizing an HAS will help you get the kind of medical care you want. If you are going to pay for alternative medical care out of your own pocket, you might as well pay less.