getting the most financial return out of money inside health care spending account

[jmc]

What physical product over the counter (no prescription) [e.g. blood pressure monitor?] can the typical health spending account be used on? No need for services such as massage...

[Cos]

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[jmc]

so of those which requires no prescription?

[2.2vtec]

Why not just ask the insurance company that provides the health spending account for a list of items that can be used?

[Cos]

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[jmc]

Originally posted by 2.2vtec
Why not just ask the insurance company that provides the health spending account for a list of items that can be used?

I asked, they just pointed me to a list similar to above. They won't state which product is covered, in which I can buy over the counter (without prescription).

Originally posted by Cos
Kind of hard to know without knowing you or what you spend your money on. I guess the best use could be to move into a retirement home. Saves on rent.

'retirement home' the actual home as a product, is not covered. However living in a 3rd party retirement home, as a service, is maybe partly covered. Also if I go on retirement (quit my job), I lose the HSA coverage from my employer.

I am looking for physical items, which I can purchase using my excess HSA funding. i.e. what physical items (over the counter/without a prescription) are covered, in which I can just buy without actually needing it?

[davidI]

Originally posted by jmc

I am looking for physical items, which I can purchase using my excess HSA funding. i.e. what physical items (over the counter/without a prescription) are covered, in which I can just buy without actually needing it?

So you can resell them?

I usually use my HSA on contacts and eyeglasses...

[Grogador]

Eyeglasses, custom orthotic insoles for your shoes, custom-molded earplugs and the molds can be used for in-ear-phones (in-ear monitors) as well... Unless I am totally misunderstanding the question

Also, rub n tugs

[ExtraSlow]

Items you can resell for near the full value? Not many. This system is set up to specifically prevent this type of fraud.

[jmc]

The rub n tug is covered, but it's a service.
I have to double check on the custom orthotic insoles.
But I believe the other stuff such as contacts and eyeglasses are they are not covered under HSA, unless its prescribed...

Originally posted by ExtraSlow
Items you can resell for near the full value? Not many. This system is set up to specifically prevent this type of fraud.

So there are some? Which ones?

[speedog]

Originally posted by jmc
So there are some? Which ones?

Here's a suggestion - do your own legwork.

It's your HSA and as such, why would you expect someone like ExtraSlow to answer the above questions for you. If anything, it has become quite apparent by now that you just want to screw over your HSA in any way you can with the least amount of effort put in by yourself to do so - does it suck to be young and not get full value from the plan? Hell yeah. But you will most likely get married one day and probably have some kids and then you'll possibly be maxing out that HSA without even trying.

So what to do now - just suck it up sunshine. Hell, I'm 50+ and I barely touch my portion of my family's plan - the rest of the fam (4 of them) all pretty much do and yeah, it sucks that my portion remains untouched, but I just accept that that is how health plans work. One thing is for sure - you'd sure as hell not want to be found committing fraud on your HSA, suspect that might have some worse consequences then possibly going for a massage or two.

[Cos]

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[ExtraSlow]

I'll do the legwork for you for a 60% cut. I'll even drive to the pharmacy and buy the required items on my own dime if you give me an 80% cut.

Most successful fraudsters put a lot of effort into it, and treat scamming like a job. You aren't showing a lot of promise in this regard.

[speedog]

Originally posted by Cos
Good post. I just wanted to comment you are brave hanging out with us in here. My dad (although he is almost 60) lurks sometimes but never posts. Says he would just sit here and argue all day long with the idiots. Haha

Besides me, I suspect there is at least one other prospective idiot in this thread.

[jmc]

I am after all trying to get the most financial return out of money inside health care spending account. So buying everything I can is not wrong.
If I follow the law and guideline to the letter, and it is allow, then why not.

It is nothing when compared it to what some of the rich and famous does for financial gain, many of them breaks the law.
This is different then what some people do illegally, where they pay the practitioner to write up bogus prescription and receipt.

The way I see it; there is nothing wrong with trying to utilize the system to the fullest, when it is within the legal limit.

[Cos]

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[jmc]

Originally posted by ExtraSlow
I'll do the legwork for you for a 60% cut. I'll even drive to the pharmacy and buy the required items on my own dime if you give me an 80% cut.
Most successful fraudsters put a lot of effort into it, and treat scamming like a job. You aren't showing a lot of promise in this regard.

The thing to be clear is everything must be done within the legal limit. I need help to take advantage of the system legally, not illegally.
I will buy the items myself. If I happen to no longer want that product and decide to sell it later; then it’s a different matter, because I might actually just throw it out.
However, I still don’t know what to buy yet, so payment for your assistive research is not out of the question.
If my purchase is directly because of your work, I am willing to pay you 10% of product’s purchase price.

Originally posted by Cos
Ok Ill make this easy for you. HCSA are totally a waste unless your plan doesnt cover everything. Really the only thing you can use it for is to 'top up' what your health plan covers anyways. I put about $50 a year into my HCSA to cover overages like Dentist and when I get one too many massages. Where you can really make a killing is the HWA or (health wellness account). You can pretty much expense anything into that as long as it isnt seen as clothing or firearms. I have put through bikes, golf clubs, ski passes, googles, weights, etc. If you have the option to put into HWA then do it.

The HCSA is to cover things that are medical related and are not really meant to be enjoyed. They really just cover costs of medical procedures. If you notice some plans dont have a HCSA but cover most things. You can tell the intent right there. How you 'get the most of your money' is not easily apparent if you dont use anything from your plan as it is.

Wow thank you for clearing that up Cos!
No wonder it's so hard to get anything out of this HSA, I am looking at it all wrong... Darn, I need a HWA.

[sabad66]

I have heard of shady eyeglass dealers in Chinatown doing non-prescription sunglasses but writing them up as prescription glasses (so they can be billed against your HSA).

Don't have any specific names of these shops though.

I will be in the same boat as you next year (haven't even used any of my 3k from 2012 and will be getting another 3k jan 1), but rather than do anything sketchy and risk getting caught, will probably just get a lot of massages.

[Masked Bandit]

So I'm guessing the plan here is to buy a physical item, submit the receipt, receive reimbursment from your employer by way of the HSA and then return the original item to the place of purchase for a full refund. The net effect being that you have now extracted "cash" from your HSA.

Is that about right?

[speedog]

What are the chances that there is some sort of 'behind the scenes' transaction verification between the plan and the service provider you bought the item from including notifications on returns? We are, after all, in a very electronic communication age and I know that any place I deal with regards to health plan expenditures (especially those that direct bill) know right away if my plan is tapped out.

Now I suppose submitting receipts the old fashioned manual way might be a way to get around this, but one still has to wonder how much behind the scenes 'checking up' is happening?