http://www.ustreas.gov/offices/public-affairs/hsa/faq.shtml
If you already have a high deductible health plan, I don't see any disadvantage to using an HSA. All it does is allow you to pay for medical expenses on a before tax basis.
A common strategy is to contribute to the HSA the difference between the HDHP premium and a traditional health plan premium. Thus, you end up paying the same amount of money each month as if you had a traditional plan, but if you're not ever sick then your HSA balance will accumulate. Then when you feel like your HSA balance is large enough (maybe after a year or two), you can hold of on the contributions and realize the savings of the lower premium HDHP.
Or you can just keep contributing to it and treat it like a retirement account; the idea being that you'll probably have a lot of medical expenses when you're old. It can be a good idea for people who are already making maximum contributions to their IRA or 401k.
Or if you feel like gambling, you can never contribute to the HSA. The downside is if you're sick, you'll have to pay the deductible with after-tax dollars.
I don't think managing an HSA is much of a pain. The one offered through my work allows you to set up an automatic contribution schedule (every pay cycle). Then it gives you a debit card that use can use when you go to the doctor. I'm not aware of any account balance minimums.
You should know that if you use the HSA funds for non-medical expenses, they become taxable.
Medical expenses exceeding the deductible are covered under the co-insurance amount until you hit the out-of-pocket maximum.
Example: You pay 100% up to $2,200 deductible, then you pay 20% and plan pays 80% until your out-of-pocket expenses have hit the $5,400 maximum, then the plan pays 100%. You might have to incur well over $20,000 in medical expenses before the plan starts paying for everything (which wouldn't be that hard if you took an extended trip to the hospital).
Out-of-pocket maximums are often handled differently with HSA plans than with traditional plans; at least regarding dependent coverage. It's a non-issue if you're single, or if you don't plan on hitting your out-of-pocket max.
As far as other "catches", I'd have to see what your current plan looks like before I could tell you about any other surprises that could be waiting for you. A lot of traditional plans charge a small copay for a doctor visit (~$10-20). If primary care visits aren't subject to deductible under your current plan, then you could be in for a shock when you go in for a check-up and get a bill for $80. I'd make sure the plan you get includes free preventative care. Usually they'll let you have one office visit a year for free.
HSA plans appear to be extremely unpopular with many people, mostly due to the fact people don't understand them or they just don't like change. As a result, many insurers offer them at very reduced premiums to encourage enrollment. They can afford to do this because the only people enrolling are usually young healthy people. The one you're looking at probably has very good claims experience (the members, like yourself, are rarely sick so the insurance company is making a ton of money just collecting premiums). It's really not sustainable because if HSA plans ever catch on, you can expect the premiums to increase as you're pooled with older and less healthy people. But for now, enjoy it.
