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Are there any negatives to a HSA if your employer pays 100% of the deductible?
Posted on 12/8/14 at 8:51 am
Posted on 12/8/14 at 8:51 am
Normally the negatives for an HSA is a higher deductible, but if your employer pays 100% of the deductible, is there any negatives for a HSA?
This post was edited on 12/8/14 at 11:16 am
Posted on 12/8/14 at 8:55 am to Salmon
What can be negative about 6500 tax free dollars a year for healthcare?
Posted on 12/8/14 at 9:50 am to Salmon
lol no... that's a dream come true...you must work for an organization that truly cares about their employees.... You are basically triple dipping
This post was edited on 12/8/14 at 9:51 am
Posted on 12/8/14 at 10:48 am to Salmon
Need to clarify the language. A health plan with a high deductible is an HDHP, an HSA is an account meant to be used to pay expenses when you have a HDHP.
Are you saying that if your deductible is $4,000, then your employer will make an annual $4,000 contribution to your HSA?
If that is the case, then yes, that certainly changes one of the big negatives of the HDHP. You just then need to look at the co-insurance after deductible and the out of pocket max.
I had one about 7 years ago that it was the first year the employer offered an HDHP, and they would match dollar for dollar contributions until you contributed $1,000 and they put in $1,000, and the deductible was $2,000. That good deal only lasted one year, sadly.
Are you saying that if your deductible is $4,000, then your employer will make an annual $4,000 contribution to your HSA?
If that is the case, then yes, that certainly changes one of the big negatives of the HDHP. You just then need to look at the co-insurance after deductible and the out of pocket max.
I had one about 7 years ago that it was the first year the employer offered an HDHP, and they would match dollar for dollar contributions until you contributed $1,000 and they put in $1,000, and the deductible was $2,000. That good deal only lasted one year, sadly.
Posted on 12/8/14 at 11:31 pm to Salmon
The HSA plan that we have was the one of the only ways we found to keep costs down. Our employees like it because if they don't have any major medical issues they end up walking away with money at the end of the year. We pay 100% of the premiums and 1/2 of the deductible for our employees with insurance. So most of our employees have only had to fund their deductible a couple of times. We deposit $1500.00 in their account every year so by now most have more than their deductible covered. If your employer covers your deductible every year whether or not you used all of the money in your account and you don't go to the doctor often, then you just got a raise.
Unfortunately after next year we will probably have to drop this type of coverage due to the "Affordable Care Act". When we set up our insurance unfortunately we didn't install any type of tier system. This leaves us in 2016 funding all employees at the same high levels. We would not be able to fund these type of benefits for every employee so my key employees will have lesser coverage come 2016 unfortunately.
Unfortunately after next year we will probably have to drop this type of coverage due to the "Affordable Care Act". When we set up our insurance unfortunately we didn't install any type of tier system. This leaves us in 2016 funding all employees at the same high levels. We would not be able to fund these type of benefits for every employee so my key employees will have lesser coverage come 2016 unfortunately.
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