By Roy Ramthun, “Mr. HSA”, HSA Consulting Services, LLC, CMT Contributor
HSAs complement concierge medicine in a variety of ways. First, the high deductible coverage from the HSA provides catastrophic protection against large or unexpected medical bills. The concierge medicine relationship with your physician will take care of your routine medical needs and preventive care. The money you save on premiums for your HSA-qualified plan will help you fund your HSA account and/or pay your annual concierge medicine practice fees.
In addition, the HSA account can be used to reimburse yourself part of the cost of your concierge medical services. While you cannot pay your entire annual concierge medicine practice fee with your HSA funds without penalty, you can use your HSA funds tax-free to pay for individual medical services that you receive from your concierge physician. This requires your physician to generate a “fee-for-service” bill indicating the type of medical care you received (with appropriate codes), the date, location, and the amount the physician would normally charge for the medical care you received. This is the amount you can withdraw tax-free from your HSA account. Over time, these withdrawals will help you reimburse the annual cost of your concierge medical services. Remember, reimbursement is not required if you would prefer to save your money for future needs.
We recently sat down with our Guest, Roy Ramthun “Mr. HSA” – President and Founder –
Our guest, Roy Ramthun is a nationally-recognized expert on Health Savings Accounts and consumer-directed health care issues.
He led the U.S. Treasury Department’s implementation of HSAs after they were enacted into law in 2003. President George W. Bush then tapped Mr. Ramthun to be his health care policy advisor at the White House, where he developed the President’s proposals to expand HSAs while overseeing the implementation of the Medicare prescription drug benefit (Part D). He continues to be an advocate for consumerism in health care and is a frequent speaker at conferences and seminars around the country.Mr. Ramthun has over thirty years of health care and public policy experience, both in government and in the private sector. He has served on the staff of the U.S. Senate Committee on Finance and the U.S. Health Care Financing Administration (now known as the Centers for Medicare & Medicaid Services). He also spent eight years with Humana Inc. and led the West Health Policy Center for two years. Mr. Ramthun holds a Master of Science degree in Public Health from the University of North Carolina, and a Bachelor of Science degree from the University of Michigan.
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Originally Written NOV. 13, 2013