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Iceprincessk25
Iceprincessk25 Posts: 1,888 Member
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Does anyone know the difference between a HSA (health savings account) and a HIA (health incentive account)?

I'm looking to get health insurance and there's just so many options out there that I am kinda overwhelmed!

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  • Iceprincessk25
    Iceprincessk25 Posts: 1,888 Member
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    Does anyone know the difference between a HSA (health savings account) and a HIA (health incentive account)?

    I'm looking to get health insurance and there's just so many options out there that I am kinda overwhelmed!
  • tashjs21
    tashjs21 Posts: 4,584 Member
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    I am not really sure about the Health Incentive Account.

    I have a Health Savings Account and basically my employer puts a certain amount of money into it each paycheck. I can use that money to help with deductibles, co-pays, medications and what not. I can also contribute to it myself.

    We just started it this year, so I haven't really used it yet and don't know much more about it.

    I'm interested to see what the Health Incentive Account is...any takers? :huh:
  • xtina11179
    xtina11179 Posts: 352
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    I have an FSA (Flexible Spending Account) which is basically the same thing as Natasha said but I contribute entirely but I really don't even miss it because it's only like $5 or $6/wk. It is also for deductible's, co-pays, etc. I alotted myself $300 for the year (they have an "If you don't use it, you lose it" policy which means if you don't use all of it, it's gone, no pay-out) so I didn't want to invest too much. I have also never heard of the HIA. I'm curious....
  • Rachael
    Rachael Posts: 168 Member
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    Hi Guys,

    A health savings account can only be used with a high deductible health plan. If you participate in an HDHP, you can fund an HSA yourself or sometimes your employer will contribute to it along with your own contributions. With a HDHP, you have to pay for everything out of pocket (of course you can also use funds in your HSA) until you reach your deductible after that you and the plan start sharing expenses (like 80/20). It's a traditional plan, you won't pay copays - you'll pay a percentage of total cost. But the premiums for these plans cost lest than HMOs/PPOs, etc.

    You can use funds in your HSA to pay for dental and vision expenses. And unlike an FSA, leftover HSA funds roll over from year to year - you can't lose them.

    Oh, I almost forgot, with an HIA, the insurance company makes contributions to your account periodically, and when you do healthy stuff like take a health risk assessment, lose weight etc. I'll be honest though, I don't really know too much about HIAs so I don't know exactly how they compare to HSAs (what the contribution limits are, whether or not you can contribute, etc.

    Hope this helps...

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