Banks are institutions where people store money. Plain and simply put at least some people may want to contiune to store money at home because banks are not offering what they used to do in terms of diversified savings. Some banks do not offer health savings accounts. This may be because times have gotten so tight that people rarely have money to specifically set aside for health visits or costs associated with them. Does it really matter if it comes from a checking or savings accout as long as the lab, doctor, hospital, pharmacy or imaging facility gets paid? No, it shouldn't as long as you have the money to pay then that's what is really important. Again, this is sort of like using your home for a bank, where your money earns no interest and you cannot use a portion of your home savings as a tax deduction even for qualified medical expenses. Yes, what is missing are the perks. The brand name store coffee is much more tastier than the stuff you whip up at home. Instead of getting, interest and a tax incentive like the big people do, you are only known for walking up to the counter with a bunch of dated, sweaty and crumpled up bills. Ok, ok people will take the money as long as it's legal and of course real.
Even if people have to consolidate money in to a checking account or savings because of difficult times, there should be some sort of consideration towards saving for medical expenses. Maybe the banks feel its none of their concern to know where your money is going for each and every little medical issue you have. They may not want that intimacy in knowing the customer more than they have to. So now there not laughing at that low balance or bounced check but rather at where the money went! If that were to continue then HIPAA laws would become lax and based upon your withdrawls a bank teller or an ATM machine would be reminding you that its time for your check up again.
Insurance companies should implement their own health savings account plans in order to preserve respect, HIPAA privacy, and so that the customer does not have to request medical records from the bank when trying to obtain insurance of sorts. How does this work? I'm so happy you asked. Along with a monthly premium to the health insurance company most affordable to you, one can submit along a deductible savings payment to the insurance company. Once that is issued the insurance company will then issue a debit card with the name of the insurance company. As you contribute your balance increases-that's the whole idea. When you have enough saved on your debit card you can then use that card for medical related charges. If you have received medical care and have enough saved then when a bill is submitted to the insurance company for payment, if you have not met your yearly deductible then some of the money from your deductible savings payment contributions will be used to pay for the medical care you received. Payment can be taken directly from the deductible savings payment portion. The deductible savings payment contributions are good as long as you keep the same insurance plan. If you obtain another insurance plan then your deductible savings payment money will be refunded. This plan is not a use it or lose it plan. The money you contribute will roll over each year and most importantly your contributions for each year are tax deductible. If you request to withdraw your deductible savings for reasons of job loss ect., there is no penalty and you may no longer be eligible for the deduction. Evidence of deductible savings payment must be provided upon submitting of taxes. The deductible savings payment and debt card- now you no longer have to sit at the kids table!