Health Savings Accounts (HSA): Do I Still Submit My Bills to Insurance When Using HSA Money?

Health Savings Accounts (HSA): Do I Still Submit My Bills to Insurance When Using HSA Money?

The Health Savings Account (HSA) is becoming well-known as an incredible tool to reduce health insurance premuims and still provide good security for healthcare emergencies.

This article is about submitting your medical bills while you are still under your insurance deductible, and what to consider before doing that.

Generally, submitting your documentation to your insurance company even when you are paying with HSA money is still a good idea.

I say this for two reasons.

First, if you using services from an in-network doctor, or you require prescriptions or any type medical device, submitting your bills through your insurance company will reduce your costs for these services and products.

This is because the insurance company has already pre-negotiated a set of prices with those suppliers (doctors, pharmacies, etc.) and they need to give you those prices whether or not you have reached your deductible.

The difference between the "average Joe price" and the "insurance company price" is often dramatic. I've personally seen cases where a the price of a CT-Scan went from $1200 for the average Joe down to $275 for the insurance company price. That's a 77% discount! Take advantage of the prices your insurance company has negotiated, you'll be happy you did. It won't apply to everything, but you'll be surprised how often it helps you out.

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