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Started By
Message
re: Talk me out of choosing a high deductible plan + HSA
Posted on 10/11/17 at 10:07 pm to Dellort
Posted on 10/11/17 at 10:07 pm to Dellort
I max my HSA, however I'm not allowed to invest any money in the account. I went to the bank handling our HSA and no one there had heard that this was even possible.
1
Posted on 10/11/17 at 10:53 pm to AmeriKop45
quote:
But there are other things you might want to consider (Its easier than it sounds). Just think ahead 1 year and see if you see any big medical expenses coming up - a big one is - plan for another baby?
Yeah that is my primary consideration at the moment. So if I know I will hit the deductible I should choose the lower one?
Edit: thanks for the thoughtful advice
This post was edited on 10/11/17 at 10:53 pm
Posted on 10/12/17 at 8:00 am to AmeriKop45
So does the weekly premium go towards the HSA or is it, you pay the premium and anything additional goes into the HSA?
Posted on 10/12/17 at 9:21 am to TigerSaint1
No, the premium is just like any other insurance premium. The contributions (both employer and employee) go into the HSA. The employee contributions usually defaults to $0 so you have to elect your amount. Currently all you gotta do is contribute $148 per pay period minus employer contributions.
Pregnancies usually come with a lot of doctor visits. Although I have no first hand experience with this, from what I've heard, I think you are better off with a low deductible plan.
Some banks will have that feature, some don't. HSA Bank does, like I mentioned. It is also the only one I have any experience with and I like it. I'm sure this is a quick google search for other options.
quote:
Yeah that is my primary consideration at the moment. So if I know I will hit the deductible I should choose the lower one?
Pregnancies usually come with a lot of doctor visits. Although I have no first hand experience with this, from what I've heard, I think you are better off with a low deductible plan.
quote:
I max my HSA, however I'm not allowed to invest any money in the account. I went to the bank handling our HSA and no one there had heard that this was even possible.
Some banks will have that feature, some don't. HSA Bank does, like I mentioned. It is also the only one I have any experience with and I like it. I'm sure this is a quick google search for other options.
This post was edited on 10/12/17 at 9:25 am
Posted on 10/12/17 at 9:34 am to saderade
quote:
I max my HSA, however I'm not allowed to invest any money in the account. I went to the bank handling our HSA and no one there had heard that this was even possible.
You can roll your balance to HSAbank.com .... I rolled my $9k balance about 5 years ago .... I got $18k just piling up in mine with no contributions since
.... I trade stocks in it on tdameritrade.com This post was edited on 10/12/17 at 9:34 am
Posted on 10/12/17 at 12:07 pm to OceanMan
quote:
For reference, the average retirement savings in the US is $201K.
That is a scary figure
My Mom is single and 57. She recently lost her job when the company had layoffs. She was able to catch on fairly quickly with a new company. She is single, house will be paid off in 2 years.
She asked me to find her a place to do a 401K rollover. She gave me the statements for all her iRA and 401K accounts she has.
Total was less than 75K.
Lot of people in that situation.
Posted on 10/12/17 at 12:11 pm to AmeriKop45
quote:
From here on out - I can withdraw any amount of money up until the total accumulated cost of all my medical expenses since the inception of the plan, at any time, tax free. I have all my bills to support all the withdrawals. If I am ever in dire need of cash and my nest egg can't cover it, this is where I would go to instead of having to touch my Roth and pay penalties on that.
Young people may not have too many medical expenses right now but as you grow older, these tend to become larger.
What you and I may consider a "feature" others consider a "bug". The lack of a time limit for reimbursements was never supposed to happen - chalk it up to crappy lawmaking. There is faint talk that tax reform could institute a time limit - maybe 12 months after expense is incurred.
No reason to change what you are currently doing but perhaps something to pay attention to in case that ever becomes new law.
Posted on 10/12/17 at 12:59 pm to LSUFanHouston
quote:
My Mom is single and 57. She recently lost her job when the company had layoffs. She was able to catch on fairly quickly with a new company. She is single, house will be paid off in 2 years.
Well at least the house will be paid off, that's part of retirement savings if you ask me.
Posted on 10/12/17 at 1:12 pm to dkreller
i can't comment on your scenario but my wife and i had one from when we got married until we had our first kid (about 5 years). Using the money we saved in that HSA account, we haven't paid a single medical bill out of pocket, all paid out of the HSA account. That include having three kids in the past five years. i think we still have a few thousand left.
Posted on 10/12/17 at 1:29 pm to poochie
I have a HDHP with 2 kids under 5. I'm a firm believer in it. Neither of my kids has had any major medical issues though, just the typical occasional ear infection or whatever. We probably avg 4 doc appointments a year outside of wellness that is 100% covered.
As said, worst case scenario with a hdhp you make payments. People are way too scared of not having the initial deductible. You'll be fine.
My wife gave birth to 2 kids on it, I calculated it saved us over $2000 each time over our Other options. It's not like other plans don't have costs beyond premiums also: X-rays, every different doctor, tests, etc are all more money with most plans beyond your premiums. I changed to a HSA years ago when I went to the doc in a box, payed a copay, and then received a bill for over $200.
I've also been able to negotiate down Costs because you can pay upfront and in cash, without them having to deal with the insurance companies.
As said, worst case scenario with a hdhp you make payments. People are way too scared of not having the initial deductible. You'll be fine.
My wife gave birth to 2 kids on it, I calculated it saved us over $2000 each time over our Other options. It's not like other plans don't have costs beyond premiums also: X-rays, every different doctor, tests, etc are all more money with most plans beyond your premiums. I changed to a HSA years ago when I went to the doc in a box, payed a copay, and then received a bill for over $200.
I've also been able to negotiate down Costs because you can pay upfront and in cash, without them having to deal with the insurance companies.
Posted on 10/12/17 at 1:45 pm to LSUFanHouston
quote:
What you and I may consider a "feature" others consider a "bug". The lack of a time limit for reimbursements was never supposed to happen - chalk it up to crappy lawmaking. There is faint talk that tax reform could institute a time limit - maybe 12 months after expense is incurred.
No reason to change what you are currently doing but perhaps something to pay attention to in case that ever becomes new law.
I think this would be worth worrying about if/when there comes a time when they close some of the more significant bugs such as the back door and mega backdoor roth, dont you think?
Posted on 10/12/17 at 1:49 pm to AmeriKop45
quote:
I think this would be worth worrying about if/when there comes a time when they close some of the more significant bugs such as the back door and mega backdoor roth, dont you think?
Totally. Not saying worry about it... just saying be aware that it's "on a list" with the other things you mentioned.
I don't think real tax reform is going to happen anyways.
Posted on 10/13/17 at 5:07 pm to AmeriKop45
My wife and 2 young daughters are on my wife's plan. Adding me to hers would cost us just over $4100 more in premiums, but wouldnt increase her deductible or max out-of-pocket. Since I'm fairly healthy and don't go to the doctor much, this isn't worth it to me.
I've been on my work's PPO, but am now considering their high deductible plan and setting up a HSA outside of work (they don't offer it).
My question: can my HSA be used for my wife and kids' out-of-pocket medical expenses or is it only good for mine?
Feel like the answer is obvious but figured someone more knowledgeable than me can confirm.
I've been on my work's PPO, but am now considering their high deductible plan and setting up a HSA outside of work (they don't offer it).
My question: can my HSA be used for my wife and kids' out-of-pocket medical expenses or is it only good for mine?
Feel like the answer is obvious but figured someone more knowledgeable than me can confirm.
Posted on 10/13/17 at 5:47 pm to That's BS
If they are all under your insurance, you can absolutely use your HSA for family. Just as long as they don't have any other source of reimbursement (like wife's work insurance).
Your HDHP premiums will be a fraction of other plan premiums. I will go as far to say that the difference between the premium you are paying now vs premium you will pay under HDHP will bring you mighty close to the max contributions every year, if not cover it completely.
Finally, I think it is important to mention - Make sure you are contributing to your HSA through Payroll Deduction. This way you save on the 7.65% payroll tax on that money. You can always write a check to your HSA but that would mean you have paid the 7.65% on that money.
Your HDHP premiums will be a fraction of other plan premiums. I will go as far to say that the difference between the premium you are paying now vs premium you will pay under HDHP will bring you mighty close to the max contributions every year, if not cover it completely.
Finally, I think it is important to mention - Make sure you are contributing to your HSA through Payroll Deduction. This way you save on the 7.65% payroll tax on that money. You can always write a check to your HSA but that would mean you have paid the 7.65% on that money.
This post was edited on 10/13/17 at 5:51 pm
Posted on 10/13/17 at 6:36 pm to AmeriKop45
Did you contact your employer to get set up with this? I emailed mine to verify that mine was considered "high deductible." It meets the minimum deductible limit and the maximum out of pocket limit put forth by the IRS, but there are a few more bullet points I've seen online that are more vague, such as what my paying share of visits is.
Posted on 10/14/17 at 12:19 am to AmeriKop45
quote:
If they are all under your insurance, you can absolutely use your HSA for family. Just as long as they don't have any other source of reimbursement (like wife's work insurance).
False. While your spouse or minor children can’t have an HSA if they’re on a traditional plan, you can use your HSA funds to pay for their qualified medical expenses (co-pays, etc.) provided you claim the child as a dependant and/or you file MFJ with your spouse.
quote:
You can always write a check to your HSA but that would mean you have paid the 7.65% on that money.
You can just deduct it when you file. Doesn’t change anything.
This post was edited on 10/14/17 at 12:31 am
Posted on 10/14/17 at 6:31 am to dkreller
We have a HSA with quite a bit of money in it now. Great product.
Posted on 10/14/17 at 8:20 am to kywildcatfanone
High deductible plans imo are how all insurance plans should be. Insurance is supposed to be a product to protect you against things you can't afford, not pay for things like a doctor's visit for the flu. Its ridiculous to have a $40 copay, and pay higher premiums for that and even more ridiculous for that to be the normal.
We should be putting the first couple of doctor visit costs on the population, that way people start to take care of themselves even if just slightly better.
We should be putting the first couple of doctor visit costs on the population, that way people start to take care of themselves even if just slightly better.
Posted on 10/14/17 at 10:56 am to poochie
quote:
Using the money we saved in that HSA account, we haven't paid a single medical bill out of pocket, all paid out of the HSA account.
That makes no sense. You put money into an account and then when you pulled money out of that account you don’t consider it “out of pocket”?
HSAs make sense if you are young and healthy and/or if it is significantly cheaper than a $500-1000 deductible PPO plan. My wife and son have a HDHP and HSA but my employer pays for my plan no matter what I select, so it makes zero sense for me to choose something that will cost me nothing additional up front but more out of pocket when I receive care.
HSAs are great but IMO there are plenty of people that don’t really understand why they should or shouldn’t have one.
Posted on 10/16/17 at 10:44 am to YipSkiddlyDooo
quote:
but my employer pays for my plan no matter what I select, so it makes zero sense for me to choose something that will cost me nothing additional up front but more out of pocket when I receive care.
HSAs are great but IMO there are plenty of people that don’t really understand why they should or shouldn’t have one.
So your employer pays 100% of your health care premium? That's extremely rare you realize right? Most people have to pay something out of pocket themselves, I pay between $25-100/ month for myself and my employer covers $385 of whatever plan I choose that they offer.
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