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Health Savings Account
Posted on 8/29/15 at 9:00 pm
Posted on 8/29/15 at 9:00 pm
Does anyone have experience with HSAs?
I'm 25, single, and healthy. Is this a good option? Any considerations to make?
I'm 25, single, and healthy. Is this a good option? Any considerations to make?
Posted on 8/29/15 at 9:07 pm to LSUfan2008
quote:
I'm 25, single, and healthy.
Unless you plan on contributing a lot, then I don't think they are worth it.
If you're single and healthy I don't really see the need to dedicate money toward health expenses. I had one at one point where I put a little in and the company put a little in and the "monthly account maintenance fee" was more than if I had just paid taxes on it.
There was a 10k balance limit to avoid the fees and as a healthy adult I wasn't going to set 10k aside for health expenses.
Posted on 8/29/15 at 9:39 pm to LSUfan2008
i wish I still had HSA eligibility
Our company doesn't offer a HDHP so I no longer contribute
I think they are worth it, especially if you are maxing out other tax advantaged accounts
The fees and minimums the other poster mentioned are not the norm
Our company doesn't offer a HDHP so I no longer contribute
I think they are worth it, especially if you are maxing out other tax advantaged accounts
The fees and minimums the other poster mentioned are not the norm
Posted on 8/29/15 at 10:40 pm to Croacka
I will be starting a job in state government. As I understand it, they would contribute $200 and match up to $575 each year.
Would I be able to still contribute to the HSA even if I later move to a different health insurance option?
Would I be able to still contribute to the HSA even if I later move to a different health insurance option?
Posted on 8/29/15 at 10:45 pm to LSUfan2008
No you would not, you can only contribute while enrolled with an HDHP.... But you should change your outlook all together. HSA accounts are fantastic. Go into it treating it like yet another ROTH IRA, as you can withdrawal penalty free (including the gains) once over 65 ... It is also a great buffer for if you ever do run into some crazy medical expenses, there if you need it...Once you get over 10k, roll it over to HSA.com and buy some stock with it!
This post was edited on 8/29/15 at 10:46 pm
Posted on 8/29/15 at 11:31 pm to Zilla
Sean Hannity says HSA's will be the GOP replacement when the Republicans repeal ACA in 2017.
I just don't see HSA's as the answer.
I just don't see HSA's as the answer.
Posted on 8/29/15 at 11:59 pm to Zilla
quote:
No you would not, you can only contribute while enrolled with an HDHP.... But you should change your outlook all together. HSA accounts are fantastic. Go into it treating it like yet another ROTH IRA, as you can withdrawal penalty free (including the gains) once over 65 ... It is also a great buffer for if you ever do run into some crazy medical expenses, there if you need it...Once you get over 10k, roll it over to HSA.com and buy some stock with it!
This is what I was thinking. It is a great opportunity to save and invest.
Posted on 8/30/15 at 3:00 am to LSUfan2008
quote:
It is a great opportunity to save and invest.
Exactly this - for the future when you are 70 and facing a steady diet of medical bills.
Definitely set aside some money to insure against a catastrophe when you're young and don't expect it though. That's how the system is set up anyway so it isn't difficult.
Posted on 8/30/15 at 8:15 am to foshizzle
So I have bcbs with a high deductible (5000 with 7500 max). Where is the best place to go and get an hsa set up that will stay with me forever?
Posted on 8/30/15 at 10:17 am to LSUfan2008
I have one through my employer and the premium is about 120 dollars less a month, compared to traditional plan, as well they contribute 2,000 dollars a year into my account.
The benefit is also on the tax savings side, $100 spent on out of pocket healthcare cost is $100. On traditional pans your 100 dollars was taxed before hand
The benefit is also on the tax savings side, $100 spent on out of pocket healthcare cost is $100. On traditional pans your 100 dollars was taxed before hand
Posted on 8/30/15 at 10:23 am to GeeOH
All HSAs will stay with you forever, even if you change jobs. On the other hand, HRAs stay only with your job and you lose it if you leave.
Posted on 8/30/15 at 10:36 am to LSUfan2008
For years, being self employed meant I had crappy health insurance - with deductibles up to $6,500. For years we'd always fall just short of our deductible, so we were spending $5-6K out of pocket on medical expenses. An HSA was great for me. We set ours up through State Farm. Most years we'd just pay the medical bills out of my normal checking account - then when we'd have a large health care expense or a chunk of cash sitting around, we'd put it in the HSA and just write a check back to ourselves to reimburse the medical expenses.
Posted on 8/30/15 at 10:40 am to LSUfan2008
We put the max every year and dont' take it out for doc visits, meds, contacts. We used it 4 times ... 3 times for kids braces and once for husband's surgery. Surgery was in January so we'd met our ded after that.
Son is having surgery Friday and we'll take out for that as we still need to meet out ded.
We basically use it as a savings account and reduce out taxes at the same time. We've got a nice stash.
Son is having surgery Friday and we'll take out for that as we still need to meet out ded.
We basically use it as a savings account and reduce out taxes at the same time. We've got a nice stash.
Posted on 8/30/15 at 10:43 am to LSUfan2008
Like others have said, just think about it as forced/disciplined savings.
I'm single and 26 and I contribute $50/month.
It all adds up...
I'm single and 26 and I contribute $50/month.
It all adds up...
Posted on 8/30/15 at 11:00 am to LSUfan2008
It's pretty much what insurance is supposed to be. You take care of minor expenses and get a HD policy for catastrophic events.
It's been a huge benefit for my family over the last 6 years with $15k in our account that would have been pure margin for an insurance company.
It's been a huge benefit for my family over the last 6 years with $15k in our account that would have been pure margin for an insurance company.
Posted on 8/30/15 at 2:08 pm to CajunAlum Tiger Fan
Cajun my son had an appt with an ortho and I was 95% sure he was going to need surgery (same symptoms of what I had that ended in surgery). Before I started freaking out about us not meeting our ded yet, I checked our account balance and let's just say was most thankful that we have this account. Now I'm only concerned for him and his recovery and not paying for procedure, hospital, etc.
Posted on 8/30/15 at 2:18 pm to AnonymousTiger
Thanks...I am self employed and my co is an s Corp. I want to take the has money out before taxed and forget about it till needed. Can this be done thru my position?
I want to do it now so I can deduct 2015 medical bills (deductible met, grrrrrrr!)
I want to do it now so I can deduct 2015 medical bills (deductible met, grrrrrrr!)
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