I don’t know if any of you have ran into this situation, but medical companies are asking for you to prepay for upcoming surgeries. According to my research, this trend has been happening more and more, because of the increase in deductibles with insurance plans. Prior to this new trend, someone would have a surgery scheduled. They would go in for the surgery. The hospital would then file a claim with the insurance company. Once the insurance company processed the claim, then you would get a bill. This still happens today, but the hospital and medical providers are trying to jump the gun by having you prepay.
What's the Difference Between a Health FSA and a HSA?
A couple years ago, my employer began offering a FSA (Flexible Spending Arrangements) for healthcare expenses. Once they began offering this product, I had to do some research to decide whether it would be a good deal. I initially couldn't decide, because I didn't want money just sitting around not growing!While researching the FSA, I stumbled upon the HSA (Health Savings Account). I discovered that the HSA is a much better product. Despite this discovery, I still found that investing in a FSA was worth it for the Summit of Coin family (that may change toward the end of 2018).