- 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
HSA high deductible health insurance plan
Posted on 9/15/19 at 9:06 pm
Posted on 9/15/19 at 9:06 pm
I'm interviewing this week for a company I really want to work for but this is the only plan they offer. I don't know much about it because I've always had a traditional PPO plan. For those of you on a plan like this, does it suck or is it one of those things that turned out alright once you got used to it?
19
Posted on 9/15/19 at 9:07 pm to Slim Chance
Family currently has one. We contribute to our HSA and so does the company. Works out very well for us. Would absolutely take the lower premium plan if the companies provides an HSA.
Posted on 9/15/19 at 9:11 pm to Slim Chance
I just switched to it this year and it works out pretty well. Even with one of my kids having surgery, it's still better than PPO. My company also gives me $2k to put into it yearly, so that's a big bonus.
You should see that the monthly deductions for a high deductible HSA are much cheaper than a regular PPO. You can put that savings directly into your HSA to build it up.
You do have to be careful about your prescriptions and Dr. visits though, since they can cost a lot more than the normal copay. Always ask for the generic drug and know what things are going to cost before you agree to do them.
You should see that the monthly deductions for a high deductible HSA are much cheaper than a regular PPO. You can put that savings directly into your HSA to build it up.
You do have to be careful about your prescriptions and Dr. visits though, since they can cost a lot more than the normal copay. Always ask for the generic drug and know what things are going to cost before you agree to do them.
Posted on 9/15/19 at 9:15 pm to Slim Chance
An HSA is a account that you put money in to cover medical expenses. For normal PPO plans a family may cost $600/mo. Instead of paying the PPO you’re putting money into a savings account to pay for medical expenses.
I would suggest looking into supplemental insurance which would cover any catastrophic health events if you get the job.
I would suggest looking into supplemental insurance which would cover any catastrophic health events if you get the job.
Posted on 9/15/19 at 9:17 pm to Slim Chance
It depends on how often you plan on getting sick.
Posted on 9/15/19 at 9:19 pm to Slim Chance
Think of it as a tax-free medical expense account that you keep if you change jobs or retire.
Posted on 9/15/19 at 9:19 pm to Slim Chance
I've had an HSA for years now and it has worked out well. If you (or your family) are constantly at the doctor it may not be a good choice. If you aren't, it is great.
Look up some of the tax benefits. Also, I believe the money is yours to do whatever with after 59 or 60 years old.
Look up some of the tax benefits. Also, I believe the money is yours to do whatever with after 59 or 60 years old.
Posted on 9/15/19 at 9:24 pm to Slim Chance
HSA is the most tax efficient piece of the entire tax code. You get to put dollars in pre tax and spend on healthcare with those dollars.
Posted on 9/15/19 at 9:28 pm to Slim Chance
If you are young and halfway healthy you will love it.
Last time I checked mine was around 15-17k. I need to invest it like they allow, but I have had too much other shite going on.
It used to be great when the HSA card was unrestricted and any purchase was allowed with only the fear of the lazt IRS coming after you, which wouldnt happen.
Dependent FSA is great too. So much free money.
Last time I checked mine was around 15-17k. I need to invest it like they allow, but I have had too much other shite going on.
It used to be great when the HSA card was unrestricted and any purchase was allowed with only the fear of the lazt IRS coming after you, which wouldnt happen.
Dependent FSA is great too. So much free money.
This post was edited on 9/15/19 at 9:29 pm
Posted on 9/15/19 at 9:39 pm to fightin tigers
The paperwork they sent me says it's only like 70 bucks every 2 weeks for me and my kids. My wife has her own ins. The deductible is 1500 individual and 3000 family. The max out of pocket is 2500 individual and 5000 family. Preventive care dr visits are free and all other visits it says I'd pay 20%. The company contributes 1100 per year. It actually sounds like a sweet deal, I'm just trying to figure out what the catch is. On average how much do you get taken out your check every 2 weeks to put on the HSA card? $200 or so?
Posted on 9/15/19 at 9:41 pm to Slim Chance
I max out whatever the feds allow on the HSA. Check, some methods are use it or lose it. Mine allows me to invest the money after it surpasses 10k or something.
I should probably know more.
I should probably know more.
Posted on 9/15/19 at 9:44 pm to wheelr
quote:No. You can take money out of your HSA prior to 65 for non-medical expenses, but the withdrawal will be taxed at your current income tax level plus 20%. At 65, your HSA will be treated as a traditional IRA for any non-medical expense.
Also, I believe the money is yours to do whatever with after 59 or 60 years old.
HSAs can be very beneficial if handled properly, but OP should probably run all this by a financial planner if available.
Posted on 9/15/19 at 9:45 pm to fightin tigers
quote:
Mine allows me to invest the money after it surpasses 10k or something.
It’s probably less. Mine is 2k.
Posted on 9/15/19 at 9:45 pm to fightin tigers
i get a free HSA at work. it blows my mind that some people i work with still choose the ppo shite over it.
This post was edited on 9/15/19 at 9:46 pm
Posted on 9/15/19 at 9:49 pm to Slim Chance
If you aren’t one that goes to the doctor every month because of something small, it’s a really good plan since you can invest the hsa money over a certain amount
Posted on 9/15/19 at 10:15 pm to CE Tiger
quote:
. it blows my mind that some people i work with still choose the ppo shite over it
We have several that switched back after doing the HSA for a few years. For large families that will just barely meet the deductible each year it does make sense.
Posted on 9/15/19 at 10:20 pm to fightin tigers
I rarely ever go to the dr unless I get the flu or something but I have a child that sees a specialist 3 times a month and has a few prescriptions he's on. As far as actual medical procedures, surgeries, etc. I don't foresee much of that.
Posted on 9/15/19 at 10:22 pm to Slim Chance
Do you go to the dr a lot? If so it’s gonna suck.
Posted on 9/15/19 at 10:30 pm to UMRealist
quote:
Do you go to the dr a lot? If so it’s gonna suck.
Depends on what for. Preventive is free so just wrap it up in that.
Posted on 9/15/19 at 10:58 pm to Slim Chance
Love mine. It’s another retirement vehicle for me. Like others have said, you get to invest pre-tax earnings into the account. My company matches a portion of those funds. I can’t remember what my max yearly contribution is, but I think it’s around $5k.
I have a VISA credit card for the account and use it to pay for medicine and doctor’s visits. I have to maintain a cash balance of $1k in the account and anything over that is available to invest. Treat it just like another 401k.
If your young, it really is the best possible plan.
I have a VISA credit card for the account and use it to pay for medicine and doctor’s visits. I have to maintain a cash balance of $1k in the account and anything over that is available to invest. Treat it just like another 401k.
If your young, it really is the best possible plan.
Page 1 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News