You’ve likely heard the term “HSA” used when talking about health insurance plans. But what exactly is it, and what do those three letters stand for?
HSA stands for “health savings account.” It’s a savings account that’s often created in connection with a high-deductible health insurance plan and is designed to help you pay medical expenses.
Generally, any adult covered by a high-deductible insurance plan may establish an HSA. For 2015, a “high-deductible plan” is defined as one with an annual deductible of at least $1,300 for individuals and $2,600 for families.
Benefits of an HSA
An increasing number of employers offer HSAs as one of a handful of health insurance benefits available to their employees. Some offer contributions to their employees’ HSAs, similar to how certain companies contribute to their employees’ 401k accounts.
HSAs come with a number of benefits (as described by the IRS):
- Contributions to the HSA are 100 percent tax-deductible (up to the yearly legal limit)
- The contributions remain in your account until you use them
- Distributions may be tax free if you use them to pay for qualified medical expenses
- An HSA is “portable.” It stays with you if you change employers or leave the work force.
- After you turn 65, you can withdraw money from your HSA for non-medical expenses
Pharmacogenetic Testing and HSAs
“A qualified medical expense” covers a wide variety of procedures, such as tests, that a doctor may decide are medically necessary. Depending on the specific HSA, one of these expenses can be drug-sensitivity, or pharmacogenetic, testing, as long as a doctor has prescribed the test.
Pharmacogenetic testing can help you and your doctor decide what medications will likely work best for you. Pharmacogenetics describe a relatively simple concept: differences in your DNA affect how you respond to many medications, over the counter drugs, herbals and recreational substances
Private insurance covers pharmacogenetic testing in many diagnostic situations, including adverse drug reactions or lack of response to medication, pain management, cancer management, and management of many co-morbid conditions. For testing situations not covered, money in an HSA can often be used to pay for the cost of the test.
For more information on HSAs covering pharmacogenetic testing, contact your health insurance provider or your’ employer. For an in-depth look at HSAs in general and how to make the most out of them, check out this Forbes article.
YouScript Pharmacogenetic Testing
Has your doctor prescribed YouScript pharmacogenetic testing for you, but you’re worried about paying for it? Genelex, the makers of YouScript, is committed to making the benefits of pharmacogenetic testing accessible and affordable.
Even if you don’t have health insurance, are on a high-deductible plan, or your final patient responsibility poses a financial hardship for you, we offer a Financial Assistance Program, which includes reduced fee options for those who qualify.
Payment through HSAs is generally simple. Patients can:
- Call us directly to make a payment using their HSA
- Submit their statement and request a payment from their HSA account by logging onto their HSA web portal
Contact Our Billing Department to Learn More
Email: [email protected]
Call: 800-523-3080
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Pharmacogenetic Testing (PGX) should realistically be a part of the Affordable Care Act (ACA), just as the self reporting assessment tests annual wellness visit and mental health assessment are. The right dose at the right time is a tremendous asset for a doctor to understand. Everyone metabolizes medication differently. One thing, which may need to be addressed is the cost associated with Pharmacogenetic Testing… PGX is expensive.
Thank you for your comment. We could not agree more about the importance of testing in helping providers make informed prescribing decisions. While cost is often a concern for many when considering pharmacogenetics testing, new research indicates that it can in fact save money by reducing the use of healthcare resources. A study recently published in the Journal of Medical Economics showed that the YouScript Precision Prescribing System, which pairs pharmacogenetic testing with the most comprehensive medication management software available, saved an average of $218 per patient in four months. So while the testing may initially seem expensive, the costs pale in comparison to those associated with recurrent ER visits and hospitalizations resulting from adverse drug events. You can learn more about the IMPACT study and find a link to the full published article by visiting http://www.genelex.com/youscript-impact/.