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Linda Collins Blogger

More Ways to Get Paid in 2014

Posted by Linda Collins | January 07, 2014

This year you may see more patients with a high deductible health plan combined with a health savings account (HSA).

An HSA is a tax-advantagedmedical savings account available to taxpayers enrolled in a high-deductible health plan (HDHP), the fastest-growing type of health insurance plan in the country.

Insureds can use money in an HSA to pay for qualified medical expenses. These include costs for services and items covered by the health plan but subject to cost sharing, such as a deductible and coinsurance, co-payments, and many other expenses not covered by medical plans.

Funds in an HSA can be withdrawn several ways. Some HSAs include a debit card, some supply checks for account holder use, and some require the patient to submit a receipt for reimbursement.

What does this mean to your practice?

Be sure to ask your patients about new insurance or benefit plans they may have in 2014. When the patient has financial responsibility, be sure to ask about the option of a Health Savings Account. You may be able to accept payment from the HSA Debit card and provide a receipt to the patient.

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