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Message
Health Savings Accounts (HSA) for ALL
Posted on 8/3/20 at 3:38 pm
Posted on 8/3/20 at 3:38 pm
HSAs for All
Rand Paul introduced legislation that would expand eligibility for HSA's and remove contribution limits.
Wasn't trying to get political but I thought this might be of interest to those who are like me and their company does not offer a high deductible plan.
Rand Paul introduced legislation that would expand eligibility for HSA's and remove contribution limits.
Wasn't trying to get political but I thought this might be of interest to those who are like me and their company does not offer a high deductible plan.
Posted on 8/3/20 at 3:44 pm to BamaAlum02
(no message)
This post was edited on 3/31/23 at 7:37 am
Posted on 8/3/20 at 3:47 pm to BamaAlum02
I support everything in this bill - I really hope it gains some traction. The only reason I am enrolled in a HDHP is so I would have access to an HSA.
I don't know how removing the contribution limit would work though. HSAs are already the ultimate retirement account - removing the contribution limit would basically make it an unlimited traditional IRA + tax free withdrawals on health related expenses.
I don't know how removing the contribution limit would work though. HSAs are already the ultimate retirement account - removing the contribution limit would basically make it an unlimited traditional IRA + tax free withdrawals on health related expenses.
Posted on 8/3/20 at 4:00 pm to BamaAlum02
i wish i can stop using this high deductible plan and keep my HSA.
I would like to know how this will affect the HSA loophole as a retirement account.
I would like to know how this will affect the HSA loophole as a retirement account.
This post was edited on 8/3/20 at 4:03 pm
Posted on 8/3/20 at 4:07 pm to BamaAlum02
Good legislation that will never see the light of day in the House
Posted on 8/3/20 at 4:26 pm to Jimmy2shoes
This is one of those rare pieces of legislation that I can't fathom why anyone would be against regardless of how you vote, but I'm sure someone has a vendetta against it.
Posted on 8/3/20 at 4:35 pm to BamaAlum02
What would you guys consider a high deductible for a HDHP that offers a HSA. MY company offers one but the deductible is $6k with a $1k contribution but the premiums are as high as the PPO plan offered with only a $3k deductible. I get the rational behind a HSA, but in this instance it doesn't seem worthwhile.
Posted on 8/3/20 at 4:47 pm to Aug1
quote:
MY company offers one but the deductible is $6k with a $1k contribution but the premiums are as high as the PPO plan offered with only a $3k deductible.
That scenario seems odd. I've never heard of an HSA plan with premiums as high as a traditional PPO - that's sort of the whole point with HSAs: Lower premium, higher deductible. There has to be some other information that we are missing. Or your benefits person is an idiot.
Posted on 8/3/20 at 4:56 pm to FinleyStreet
quote:
This is one of those rare pieces of legislation that I can't fathom why anyone would be against regardless of how you vote, but I'm sure someone has a vendetta against it.
The talking point is it will benefit highly compensated employees more than others, especially with no cap and therefore unlimited tax deferral, though that's what discrimination testing is for.
This post was edited on 8/3/20 at 4:58 pm
Posted on 8/3/20 at 4:56 pm to Aug1
quote:show the numbers. That's extremely odd
premiums are as high as the PPO plan offered
Posted on 8/3/20 at 4:58 pm to castorinho
Ya, one of the rare times an HDHP/HSA may not be beneficial at all is if you don't pay any premium to begin with for either plan, but this sounds all wrong entirely.
This post was edited on 8/3/20 at 4:59 pm
Posted on 8/3/20 at 5:56 pm to FinleyStreet
quote:
This is one of those rare pieces of legislation that I can't fathom why anyone would be against regardless of how you vote, but I'm sure someone has a vendetta against it.
This will get zero Democrat votes.
Posted on 8/3/20 at 6:12 pm to Aug1
quote:
What would you guys consider a high deductible for a HDHP that offers a HSA. MY company offers one but the deductible is $6k with a $1k contribution but the premiums are as high as the PPO plan offered with only a $3k deductible. I get the rational behind a HSA, but in this instance it doesn't seem worthwhile.
My premium is $45 vs $65 for the PPO. My deductible is $3k where the PPO is $2k. I also get decent employer contributions to my HSA.
Hope that helps.
Posted on 8/3/20 at 7:57 pm to wheelr
What's your employer contribution?
Posted on 8/3/20 at 8:17 pm to castorinho
My company contributes $3000 and we encourage everyone to max out their contribution and not use the money if at all possible. Our philosophy is that it’s cheaper to borrow the money than diminish your HSA. A number of our people have $200,000 in their HSA’s. Of course we have been on these plans since inception. Must have been in the ‘90’s.
The problem will be that these plans assist the higher wage earner over the lower paid folks.
The problem will be that these plans assist the higher wage earner over the lower paid folks.
Posted on 8/3/20 at 8:21 pm to BamaAlum02
Democrats will kill this. Anyone with a decent job and willingness to try to save is the enemy.
Posted on 8/4/20 at 7:08 am to BamaAlum02
I switched my wife and I over to a HDP with the HSA. We max contributions for both and provides tax shelter for $7,000 worth of income.
The down side is the startup for most people.
HSAs accrue funds into them. That means your first 6-8 months will only accumulate and likely you will not be able to use it for any substantial bills.
It also strikes me like a pain in the arse for a withdrawal. It’s not FSA swipe a card, go home happy.
The down side is the startup for most people.
HSAs accrue funds into them. That means your first 6-8 months will only accumulate and likely you will not be able to use it for any substantial bills.
It also strikes me like a pain in the arse for a withdrawal. It’s not FSA swipe a card, go home happy.
This post was edited on 8/4/20 at 7:09 am
Posted on 8/4/20 at 7:17 am to DiamondDog
quote:which bank? We have card we use all the time. And we can transfer into/out of the account as we please.
It also strikes me like a pain in the arse for a withdrawal. It’s not FSA swipe a card, go home happy.
Posted on 8/4/20 at 7:43 am to castorinho
I have a Health Equity account. I like it.
Louisiana's insurance rates are so messed up that for me to go with a HDHP this year it was going to cost me more than a traditional plan.
Defeated the whole purpose of a HDHP. Only thing I could come up with was Blue Cross basically forcing the individual market into their regular plans with their rates/pricing.
Louisiana's insurance rates are so messed up that for me to go with a HDHP this year it was going to cost me more than a traditional plan.
Defeated the whole purpose of a HDHP. Only thing I could come up with was Blue Cross basically forcing the individual market into their regular plans with their rates/pricing.
Posted on 8/4/20 at 7:45 am to BamaAlum02
Just another bill that tries to figure out HOW to pay for astronomical health care costs.
What no one ever does, and what we should do, is address the wasteful, inefficient, opaque system so that the outrageous costs are kept in check.
Stop figuring out how to pay $100,000 for an outpatient procedure, and start asking why it costs that much.
What no one ever does, and what we should do, is address the wasteful, inefficient, opaque system so that the outrageous costs are kept in check.
Stop figuring out how to pay $100,000 for an outpatient procedure, and start asking why it costs that much.
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