Medical Savings Account (investment type)???

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anonymous

New member
Hi, does anyone know of any sort of investment account for medical expenses for someone with a long-term disability/disease (obviously CF in this case)? We are in the process of setting up a 529 (non-taxed college savings) for our daughter and a Roth IRA (pretaxed retirement savings) four ourselves and I got to thinking "BOY, wouldn't it be nice if there was some sort of account like these for our daughters future medical expenses". I would love to be able to set aside a little bit here and there and have it grow into a larger amount for the future expenses that we/she may have.

Thanks for any info!!
 
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anonymous

New member
Hi, does anyone know of any sort of investment account for medical expenses for someone with a long-term disability/disease (obviously CF in this case)? We are in the process of setting up a 529 (non-taxed college savings) for our daughter and a Roth IRA (pretaxed retirement savings) four ourselves and I got to thinking "BOY, wouldn't it be nice if there was some sort of account like these for our daughters future medical expenses". I would love to be able to set aside a little bit here and there and have it grow into a larger amount for the future expenses that we/she may have.

Thanks for any info!!
 
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CFHockeyMom

New member
Yes, there is such a thing. I can choose it through my company's health insurance plan. It is not a traditional Health Care Savings Plan where you have to use the money each fiscal year but a Health Savings Account. Ours is managed by United Health Care.
 
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CFHockeyMom

New member
Yes, there is such a thing. I can choose it through my company's health insurance plan. It is not a traditional Health Care Savings Plan where you have to use the money each fiscal year but a Health Savings Account. Ours is managed by United Health Care.
 
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anonymous

New member
You're talking about a savings account right, not flexible benefits? Flex is thru work in which they take out money pretax out of our pay check each month and we submit claims to be reimbursed for medications, appointments, equipment, procedures that aren't covered under our insurance -- copays for drugs take up about $1000....

We were told to set up a savings account and then I believe an attorney needs to draw up the papers turning it into a true medical savings account -- something that can be used in the future for health related things, but won't count against your child should he or she need disability. We started one earlier this year, but haven't had the paperwork drawn up.
 
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anonymous

New member
You're talking about a savings account right, not flexible benefits? Flex is thru work in which they take out money pretax out of our pay check each month and we submit claims to be reimbursed for medications, appointments, equipment, procedures that aren't covered under our insurance -- copays for drugs take up about $1000....

We were told to set up a savings account and then I believe an attorney needs to draw up the papers turning it into a true medical savings account -- something that can be used in the future for health related things, but won't count against your child should he or she need disability. We started one earlier this year, but haven't had the paperwork drawn up.
 
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anonymous

New member
OP Here: Yes, I am talking about a savings account, not a Flexible Spending Account (we already have that maxed out). I want something where we can contribute money and earn interest (much higher than her current savings accountm which is something like a % or 2) over time with tax free benefits...maybe that is just wishful thinking??? Our investment guy is going to look into it but I thought someone here might know from experience.
 
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anonymous

New member
OP Here: Yes, I am talking about a savings account, not a Flexible Spending Account (we already have that maxed out). I want something where we can contribute money and earn interest (much higher than her current savings accountm which is something like a % or 2) over time with tax free benefits...maybe that is just wishful thinking??? Our investment guy is going to look into it but I thought someone here might know from experience.
 
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CFHockeyMom

New member
I understand and what we have now through our health care options at work is a Health Savings Account not a flexible spending account. As I said, we can contribute as much as we want there are no limits, the money is invested based on our elections (similar to a retirement account), and the money not used can be saved indefinitely.

I'm not currently participating in that plan but I'll try and find more info for you.
 
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CFHockeyMom

New member
I understand and what we have now through our health care options at work is a Health Savings Account not a flexible spending account. As I said, we can contribute as much as we want there are no limits, the money is invested based on our elections (similar to a retirement account), and the money not used can be saved indefinitely.

I'm not currently participating in that plan but I'll try and find more info for you.
 
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CFHockeyMom

New member
Here's a link with more info...

<a target=new class=ftalternatingbarlinklarge href="http://www.opm.gov/hsa/hsa.asp">Health Care Savings Accounts</a>
 
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CFHockeyMom

New member
Here's a link with more info...

<a target=new class=ftalternatingbarlinklarge href="http://www.opm.gov/hsa/hsa.asp">Health Care Savings Accounts</a>
 
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Ben

Guest
Most large financial institutions now carry Health Savings accounts...they have some similiarities to IRA's I know, but are unique in some ways as well. I work for a bank..so if you would like additional info I can find it...or ask you financial guy, I am sure he would know as well.
Good luck! <img src="i/expressions/face-icon-small-smile.gif" border="0">
 
B

Ben

Guest
Most large financial institutions now carry Health Savings accounts...they have some similiarities to IRA's I know, but are unique in some ways as well. I work for a bank..so if you would like additional info I can find it...or ask you financial guy, I am sure he would know as well.
Good luck! <img src="i/expressions/face-icon-small-smile.gif" border="0">
 
A

anonymous

New member
You can not be insured by another health plan though. I don't think this is what the initial poster was looking for. You can use a HSA if that is to be a part of your current coverage. We have United Health Care. We would have had to choose the plan option which is a high deductible and then we could use the HSA to pay for that and then save for the future medical expenses too. So yes, there is a plan out there but you have to use it for today and the future. The link that was provided explains the details. The trick with this plan is to make sure you have enough money up front for the first year's deductible - at least until you can build the savings plan. Jo Ann - Mom of Jason (almost 8 with cf and Tom)
 
A

anonymous

New member
You can not be insured by another health plan though. I don't think this is what the initial poster was looking for. You can use a HSA if that is to be a part of your current coverage. We have United Health Care. We would have had to choose the plan option which is a high deductible and then we could use the HSA to pay for that and then save for the future medical expenses too. So yes, there is a plan out there but you have to use it for today and the future. The link that was provided explains the details. The trick with this plan is to make sure you have enough money up front for the first year's deductible - at least until you can build the savings plan. Jo Ann - Mom of Jason (almost 8 with cf and Tom)
 
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JoAnn

New member
Me again. Here is a great link explaining it in detail: <a target=new class=ftalternatingbarlinklarge href="http://www.treasury.gov/offices/public-affairs/hsa/faq_basics.shtml
">http://www.treasury.gov/offices/public-affairs/hsa/faq_basics.shtml
</a>
 
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JoAnn

New member
Me again. Here is a great link explaining it in detail: <a target=new class=ftalternatingbarlinklarge href="http://www.treasury.gov/offices/public-affairs/hsa/faq_basics.shtml
">http://www.treasury.gov/offices/public-affairs/hsa/faq_basics.shtml
</a>
 
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