My employer started offering a high deductible health plan (HDHP) in 2024 and I have enrolled. This is the first time I have had access to an HSA so I'm excited to begin saving in this way. I have reviewed the HSA page on the wiki already and read a few threads on the basic strategies. Based on this research, I plan to max the contributions each year and save/invest that money for use in retirement. Therefore, I plan to pay for medical expenses out of pocket and save receipts.
This brings me to my question. It is my understanding that you can choose to pay a "cash price" through your medical providers and will receive a discount vs having them submit the claim through insurance. Would it be wiser to do this, saving all of the documentation to save a little money along the way, unless/until the expenses reach a deductible? My assumption is that I could manually file insurance claims using the documentation if I reach the deductible, which would then enable all future claims to go through insurance at the lower cost. We generally don't reach out deductible, so I'm thinking paying the cash price would potentially save money overall? Manually filing insurance claims is something I've never done so maybe that's a minefield of problems that make this strategy too complicated to be worth it?
Is this something that can be done? Is it worth it?
Thank you!
This brings me to my question. It is my understanding that you can choose to pay a "cash price" through your medical providers and will receive a discount vs having them submit the claim through insurance. Would it be wiser to do this, saving all of the documentation to save a little money along the way, unless/until the expenses reach a deductible? My assumption is that I could manually file insurance claims using the documentation if I reach the deductible, which would then enable all future claims to go through insurance at the lower cost. We generally don't reach out deductible, so I'm thinking paying the cash price would potentially save money overall? Manually filing insurance claims is something I've never done so maybe that's a minefield of problems that make this strategy too complicated to be worth it?
Is this something that can be done? Is it worth it?
Thank you!
Statistics: Posted by itsjustme — Fri Jan 12, 2024 4:27 pm — Replies 1 — Views 74