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Health Savings Accounts Suck, Part 28

Just had to deal with the typical problem we've been facing with our "consumer-driven health plan" (i.e. HSA with high-deductible 'insurance') - this is perhaps the fifth or sixth time this has happened.

1. We get bill for $X.
2. I make sure there is $X in our Health Savings Account.
3. I call the place and pay over the phone, using some combination of the HSA "credit" card1 and our normal credit card.
4. They wait too long to post the charge (see #8)
5. In the meantime, we pay for something else.
6. We get a letter in the mail saying that our "credit card was refused".
7. I call them and ask which credit card failed (I usually have to split charges due to #2 above).
8. They can't tell me, but do say that it would have posted within 7 to 10 days of the call. Aha.

This thing causes so much extra work compared to the old FSA, it's just not funny.

Of course, if you don't actually USE medical care, the HSA is a great deal, as long as you're wealthy enough to be paying high marginal income tax rates. But for people who actually have to use medical care, and believe me, our family qualifies, it suuuuuuuuucks.

1: Of course, it's really a debit card, as the rejection shows. But the fact that they run it as a credit card encourages them to wait to post the charges rather than figuring out immediately if there's enough money in there. Big mistake.

This entry was posted in the following categories: Politics (Outside Austin)