- 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
If HSA is an option what's the point of utilizing an FSA?
Posted on 11/3/17 at 1:20 pm
Posted on 11/3/17 at 1:20 pm
My company offers both HSA and FSA. With the FSA, you have to spend every dime at the year's end or you lose it. Not the case with the HSA. HSA can be rolled over year after year and also withdrawn tax free at age 65.
Why in the world would anyone pick the FSA if given the choice of the 2? Am I missing something?
Why in the world would anyone pick the FSA if given the choice of the 2? Am I missing something?
4
Posted on 11/3/17 at 1:24 pm to okietiger
Not all plans are eligible for an HSA. Just because your company has it doesn't mean every plan they offer is HSA eligible as well.
Posted on 11/3/17 at 1:25 pm to Mingo Was His NameO
Got it.
I’m eligible because I’m doing higher deductibles.
I’m eligible because I’m doing higher deductibles.
Posted on 11/3/17 at 1:49 pm to okietiger
I used both.
My HSA doesn't get touched, it is another tax free retirement account like a 401k or IRA. We use FSA for things that we can budget on, like my son's day care. That way it all gets spent and again is tax free.
My HSA doesn't get touched, it is another tax free retirement account like a 401k or IRA. We use FSA for things that we can budget on, like my son's day care. That way it all gets spent and again is tax free.
Posted on 11/3/17 at 1:50 pm to okietiger
Yeah some plans offer intensive insurance coverage compared to other high deductible plans but those are expensive. In which case you aren't eligible for it, sometimes these people will utilize the FSA. There are other eligibility requirements also for HSA.
Posted on 11/3/17 at 2:02 pm to okietiger
HSA is only available with HDHPs. But if you're young and healthy and not expecting any major expenses (like a pregnancy), you should go with it. You're trading insurance premiums for HSA contributions, except that you get to keep your HSA contributions if you don't use them as opposed to just pissing higher insurance premiums down the drain. If in fact you do run into a health dilemma, you'll have to hit a higher deductible / MOOP, but you'll have your HSA savings to help soften the blow.
HSAs are basically a free call option on good health.
HSAs are basically a free call option on good health.
This post was edited on 11/3/17 at 2:03 pm
Posted on 11/3/17 at 11:12 pm to okietiger
quote:
Why in the world would anyone pick the FSA if given the choice of the 2? Am I missing something?
If you have to pick one or the other, I agree the HSA is the way to go.
I'm fortunate that I can do both. So I slightly lowered my FSA contribution and maxed the HSA, it's essentially an additional IRA for me.
Posted on 11/4/17 at 11:01 pm to foshizzle
How are you doing both? Spouses with different plans?
This post was edited on 11/4/17 at 11:02 pm
Posted on 11/5/17 at 7:23 am to foshizzle
You can not let a FSA and HSA overlap. If you or your spouse have an HSA and "limited purpose" FSA is available.
Posted on 11/6/17 at 11:10 am to okietiger
I use FSA for school payments
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News