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Any opinions on starting a Health Savings Account
Posted on 12/22/12 at 11:57 am
Posted on 12/22/12 at 11:57 am
Thinking of opening a HSA and want to hear opinions on investments, pro's and con's, good companies etc. TIA my Tiger buds.
3
Posted on 12/22/12 at 1:46 pm to sstig
I have one and treat it just like a 401(k) or traditional IRA. The tax profile is the same, the major difference is that you get to withdraw from it for qualified medical expenses (although I try to avoid this as well).
Posted on 12/22/12 at 2:30 pm to sstig
Don't you have to be enrolled in a qualified high-deductible health plan in order to open one?
Posted on 12/22/12 at 2:52 pm to Layabout
Yes you sure do
Posted on 12/22/12 at 6:08 pm to Layabout
quote:
Don't you have to be enrolled in a qualified high-deductible health plan in order to open one?
Yes. But check the numbers, in my own case it turned out that the max out of pocket is the same. The only difference was that although the deductible is higher, it isn't outrageous (only $500) and I don't have the use it or lose it flex dollar guessing game to play. Plus my employer contributes more to the pot. Pretty easy decision to make IMO.
YMMV of course.
Posted on 12/22/12 at 7:56 pm to sstig
HSAs are a great deal if you have a HDHP and can afford to contribute to them. I max my contribution out every year, and am using it as a traditional IRA for the dollars I'm not spending on qualified medical expenses.
Posted on 12/23/12 at 8:02 am to foshizzle
I'm single and currently maxing out the contribution limit as well. It helps that my firm is dropping $1900 a year into the account.
The company that we use to manage our HSA's also has a listing of around 2000 mutual funds that you can choose to invest in for $6 per transaction.
I could be off base, but I was under the impression that even if used as retirement at retirement, the account still wasn't taxed.
The company that we use to manage our HSA's also has a listing of around 2000 mutual funds that you can choose to invest in for $6 per transaction.
I could be off base, but I was under the impression that even if used as retirement at retirement, the account still wasn't taxed.
Posted on 12/23/12 at 2:52 pm to Smalls
When I looked at my company's HSA offer, the numbers were pretty close to the PPO, so it was pretty economical.
The problem that I see with it, is that you don't get the pricing that a health insurance company gets. And what I mean by that is, if a doctor bills you for $400, you don't get to just decide to only pay $180 like health insurance companies do.
IMO, not only will you pay full price, but I believe you will pay more than you should be paying for services rendered due to the game doctors have to play with the health insurance companies.
The problem that I see with it, is that you don't get the pricing that a health insurance company gets. And what I mean by that is, if a doctor bills you for $400, you don't get to just decide to only pay $180 like health insurance companies do.
IMO, not only will you pay full price, but I believe you will pay more than you should be paying for services rendered due to the game doctors have to play with the health insurance companies.
Posted on 12/23/12 at 4:58 pm to Raz
Raz, we have BCBS of LA ... we have the high ded plan as an indiviual polcy. We still get the "allowed and customary pricing" despit having an HSA.
The MDs office doesn't have any way of knowing that we have it. We've had it for years and have NEVER paid the amount on the bill.
The MDs office doesn't have any way of knowing that we have it. We've had it for years and have NEVER paid the amount on the bill.
Posted on 12/23/12 at 7:03 pm to tiger91
Right. I have the same deal with the HSA, where we pay the same in-network costs as a PPO.
The big difference is that instead of paying small copays for doctor visits with the PPO, the HSA bills the full in-network amount, which always costs more than the copay.
That being said, the HSA works out better for our family of four. PPO premiums are a good bit higher, and the company puts $1000 per year in the HSA. I ran a bunch of scenarios, and in every case the HSA option was a better deal.
The big difference is that instead of paying small copays for doctor visits with the PPO, the HSA bills the full in-network amount, which always costs more than the copay.
That being said, the HSA works out better for our family of four. PPO premiums are a good bit higher, and the company puts $1000 per year in the HSA. I ran a bunch of scenarios, and in every case the HSA option was a better deal.
Posted on 12/24/12 at 11:26 am to Bayou Tiger
When we put it on paper, it cost WAY more i premiums for us to have the copays at MDs and pharmacies. We aren't sick people ... so far and I realize that can change. We weren't going to pay the insane premium to have "copays" that we seldom would use for doctor visits.
Husband is having surgery in January ... did NOT want to meet our ded in December SO we'll just meet it in January and then be covered 80% (had to go with the 80/20 once ded met to keep the premium decent.)
Husband is having surgery in January ... did NOT want to meet our ded in December SO we'll just meet it in January and then be covered 80% (had to go with the 80/20 once ded met to keep the premium decent.)
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