HSAs, the Affordable Care Act and Concierge Medicine
By Roy Ramthun, “Mr. HSA”, HSA Consulting Services, LLC, CMT Contributor
NOV. 13, 2013 – 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.