can hsa individual policies be terminated?

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PostPosted: Sun Aug 31, 2008 8:56 pm   Post subject: can hsa individual policies be terminated?  

suppose i switch my company over to hsa's. suppose that at some time in the future one of my employees develops brain cancer, parkinson's, & has a heart attack; what risk is the employee at of having his policy cancelled?

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PostPosted: Mon Sep 01, 2008 4:36 am   Post subject:   

As far I know it cant be cancelled but it may make the premiums go up.



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PostPosted: Mon Sep 01, 2008 11:25 am   Post subject:   

Why on earth the employee will want his/her policy to get terminated? HSA plans are high deductible health plans with a saving account attached to it. It helps the policy holder to lower his/her health insurance premium.



I'm not sure I've understood the problem properly. Technically, you should be able to terminate the policy if you want to, but IMO its not a great plan.



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PostPosted: Tue Sep 02, 2008 3:44 am   Post subject:   

I think the issue is whether or not the insurance company can terminate the insurance policy.



Medical insurance policies can only be terminated by the insuring company in certain very limited circumstances.



Insurance companies can cancel a policy for nonpayment or late payment.



They can cancel or rescind a contract if the insured lied or withheld information on the application



They can cancel a policy if the insurance company stops offering policies in the geographic area the insured live in or the employer is located.



They will end coverage for dependents when they no longer qualify for dependent status.



They will terminate coverage for an employee when he or she terminates his or her employment unless that employee chooses to take COBRA. Of course when the COBRA period (usually eighteen months) is over, the insurance company can terminate coverage.



Health insurance companies can never cancel a policy because an insured gets sick. This is what the insurance policy is insuring. However -- and this really stinks! -- when an employee gets really sick, their employment status will end. When that ends, they will no longer qualify as an employee and their coverage will end. [/list]



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PostPosted: Thu Sep 04, 2008 12:19 am   Post subject: none  

you do not have any risk of being cancelled in your group plan. and your maximum risk is that employees out of pocket maximum for the year



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PostPosted: Sun Sep 28, 2008 7:25 pm   Post subject:   

You yourself can terminate your HSA any time you like.



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