Tell me why I should or should not enroll in a HSA
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re: Tell me why I should or should not enroll in a HSA
Posted by TigerDeBaiter on 10/3 at 12:05 am to RedStickBR
They are absolutely "investable". My guess is it would depend on the bank you have your HSA with though. HSA Bank offers a custodial account through TD Ameritrade.

Why do you think it's absurd? To good to be true? Too much risk for what it's intended for? Just curious.


This post was edited on 10/3 at 12:09 am

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Posted by CAD703X on 10/3 at 5:45 am to TigerDeBaiter
i like my HSA.

i ressearched for awhile and finally found a no-fee HSA through First American Bank. they've been fantastic to work with. every single other HSA i looked at had some kind of monthly fee.

i've been very happy with it..although i haven't been putting enough monthly into it..my med plan covers pretty much ZERO up to a significant out-of-pocket and i ran my kids through some tests this summer at vanderbilt and that pretty much cleaned me out.

increasing my contribution now.



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Posted by RedStickBR on 10/3 at 7:37 am to TigerDeBaiter
Not that it's too good to be true insomuch as the thought of the Average Joe "investing" funds allocated specifically for health purposes makes me a bit nauseous.

But I will certainly be looking into this further.



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Posted by C on 10/3 at 7:42 am to RedStickBR
Are there income limits to a HSA similar to Roth?


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Posted by TigerDeBaiter on 10/3 at 8:35 am to RedStickBR
Yeah, it is a little strange/unwise maybe. This is one that the CPA's and the like caught onto quick, and the slowly individuals have followed.


C - Here are the new limits:

Individuals (self-only coverage) - $3,250 (up $150 from 2012)

Family coverage - $6,450 (up $200 from 2012)

It's good to see they such a big increase, as previous years have only seen a modest $50 increase. Hopefully this becomes the new model. It has worked out well for me. You have lower premiums and high deductible, but actually "pay yourself" the deductible up front. So, in theory, there are much less out of pocket expenses, and far fewer wasted dollars if you don't happen to have an emergency.



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Posted by C on 10/3 at 8:39 am to TigerDeBaiter
quote:

C - Here are the new limits:

Individuals (self-only coverage) - $3,250 (up $150 from 2012)

Family coverage - $6,450 (up $200 from 2012)


Thanks for the investments limits, but do you know if there is a personal income limit like the Roth has on "wealthy" individuals?



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Posted by jmtigers on 10/3 at 8:41 am to C
Should i be putting money into an HSA before a non- employer matching 401k?


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Posted by CajunAlum Tiger Fan on 10/3 at 8:50 am to C
quote:

Thanks for the investments limits, but do you know if there is a personal income limit like the Roth has on "wealthy" individuals?



Since it's still considered an insurance product, there are no income limits.



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Posted by tiger91 on 10/3 at 10:10 am to CajunAlum Tiger Fan
We've had one for years ... and we ONLY use it for things like braces, large dental bills (ie oral surgery/crowns), and my hubby will be having surgery in January so we'll use it to meet our ded.

We do NOT use it for meds, glasses, contacts although we could. Also just pay for MD visits ... we use it as a savings acct.



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Posted by TigerDeBaiter on 10/3 at 10:16 am to C
Currently there are no income limits. Obama may want to change that, but I haven't heard anything.


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