- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
PPO vs HSA high deductible
Posted on 4/16/13 at 7:06 pm
Posted on 4/16/13 at 7:06 pm
Background info:
I'm a single 22 year old guy with little health issues, no dependents, and the company funds 100% of healthcare.
The plans are through BCBS
If I choose the HSA, the company puts 179 a month into an account for me to use for my co-pays and such.
Not quite sure how the whole insurance thing works as far as PPO, HMO, etc.
What would be best for me in y'all's opinion?
I'm a single 22 year old guy with little health issues, no dependents, and the company funds 100% of healthcare.
The plans are through BCBS
If I choose the HSA, the company puts 179 a month into an account for me to use for my co-pays and such.
Not quite sure how the whole insurance thing works as far as PPO, HMO, etc.
What would be best for me in y'all's opinion?
4
Posted on 4/16/13 at 7:59 pm to The Future
The HSA may let you convert unused funds to IRA, but check on this.
I would go HSA in your situation I think.
I would go HSA in your situation I think.
Posted on 4/16/13 at 8:08 pm to The Future
HSA, DEFINITELY. especially if you can roll the funds over.
Posted on 4/16/13 at 8:23 pm to Vols&Shaft83
quote:
HSA, DEFINITELY. especially if you can roll the funds over.
You can, my boss said he racked up about 5-6 grand
Posted on 4/16/13 at 8:23 pm to The Future
Would have to know how much the deductible, premiums, and what % you are responsible for in each plan, but in general the HSA is usually the correct choice for a single person who is in good health.
Posted on 4/16/13 at 8:32 pm to The Future
Your situation is the poster of the one where you should do a HSA/HDHP
Posted on 4/16/13 at 8:34 pm to Vols&Shaft83
quote:
HSA, DEFINITELY. especially if you can roll the funds over.
I don't know if you can roll it over, but I do know after 55 you can treat it as an IRA.
Withdraw for anything and pay income taxes, or withdraw for medical expenses tax free.
Posted on 4/16/13 at 8:49 pm to Siderophore
quote:
I don't know if you can roll it over, but I do know after 55 you can treat it as an IRA.
Withdraw for anything and pay income taxes, or withdraw for medical expenses tax free.
I can with mine, but I'm on a private plan, may be different for group plans. With most of them, you can have the money keep rolling over, growing tax free.
Posted on 4/16/13 at 10:14 pm to Vols&Shaft83
Oh yeah, you mean roll over year to year.
ALL HSAs do that.
It's FSAs that rip you off by it being year to year.
I thought you meant in the sense of rolling over into an IRA.
ALL HSAs do that.
It's FSAs that rip you off by it being year to year.
I thought you meant in the sense of rolling over into an IRA.
Posted on 4/16/13 at 10:17 pm to ZereauxSum
quote:
Would have to know how much the deductible, premiums, and what % you are responsible for in each plan, but in general the HSA is usually the correct choice for a single person who is in good health.
I have one prescription medicine I take that is a generic, and I get filled once every 60 days. Would I have to pay out of pocket for it per month?
Posted on 4/17/13 at 12:10 am to Siderophore
quote:
I thought you meant in the sense of rolling over into an IRA.
Me too, and I couldn't figure out why on earth you'd even want to do that in the first place.
Posted on 4/17/13 at 5:37 am to Siderophore
FSA's are shite. I guess if the employer matches it and you remember to use it, it's got some tax advantages. But HSA's are a fantastic option for young people. Note to the OP. Self insure your scrips if you can, until you've built enough in the HSA account to cover a few years of deductibles. You'll be amazed how much of an advantage it is to not have worry about a catastrophic illness wiping you out financially.
Posted on 4/17/13 at 7:34 am to Vols&Shaft83
What do you mean self insure?? You mean just pay for them out of pocket?
Posted on 4/17/13 at 8:13 am to b-rab2
He's saying that while you are putting money away into your HSA and investing that sum; use other money to pay for qualified healthcare expenses if you can. That way your HSA grows nice and big and if something bad happens, you can tap it. If you had kept nickel and coming your HSA it may end up too small to cover something more serious.
I believe that was the message.
I believe that was the message.
Posted on 4/17/13 at 8:20 am to b-rab2
quote:
What do you mean self insure?? You mean just pay for them out of pocket?
Yes, if he can afford to. The reason is because you can only contribute up $3,250/Single, $6,450/ Family to an HSA. Using that money for prescriptions eats away at the account balance and those funds can't be replaced. You want to contribute the Max, and grow a large balance while you're young and healthy and only use it when you have to (emergencies). Once the balance is up to a couple of years of Deductibles/Max out of Pocket, go ahead and use it for prescriptions.
Again, if paying prescriptions out of your pocket is too expensive, like $100 +/month, then use the HSA.
Posted on 4/17/13 at 8:22 am to Teddy Ruxpin
quote:
He's saying that while you are putting money away into your HSA and investing that sum; use other money to pay for qualified healthcare expenses if you can. That way your HSA grows nice and big and if something bad happens, you can tap it. If you had kept nickel and coming your HSA it may end up too small to cover something more serious.
I believe that was the message.
Well damn, I spent all that time typing my response, could have just waited a second and let you handle it. Yes that was the message.
Posted on 4/17/13 at 9:15 am to Vols&Shaft83
I have an HSA question. Is there any other security that you can place your balance in? The interest rate on the account is pretty sad face.
Posted on 4/17/13 at 9:41 am to Bear Is Dead
quote:
Is there any other security that you can place your balance in? The interest rate on the account is pretty sad face.
With mine you can invest with the balance over $1,000. The securities options aren't the best but there is some variety. Have earned a decent chunk of change in the past 2 years
Posted on 4/17/13 at 9:50 am to Bear Is Dead
Mine allows me to invest in mutual funds, but I had to meet a minimum balance of $3, 000 and I have to keep a minimum $2, 000 in their low interest savings. Now group plans have different rules, so you'll have to ask your employer about your options.
Posted on 4/17/13 at 10:15 am to Vols&Shaft83
My HSA account has a very low monthly interest rate also. But once the account goes over $1,500.00 you can set up a regular brokerage accoount and trade securities. Must keep a minimum of $1,500 in HSA and move funds back and forth between HSA and brokerage account as needed.
Page 1 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News