I'm going to do a little thread hijacking here instead of starting a new one on the same page. I'm an hourly manager at a grocer while going to school part-time. Was in an HRA, thinking of going to an HSA, but the kicker is in january I'm going to step down and go to school full time(

), and probably lose it. Employee matches dollar for dollar up to 350 a year/single 700 a year/family.

I really like the tax advantages of the HSA but is it worth it if I'm going to be looking for independent health insurance in two months? Is it legal for me to sign up for the "Family" plan to try and get more matched dollars for a couple months even though I'm not married and have no dependents? Can I rollover an HSA if I find a company with better rates?

Single, 24, have enough saved up for next two semesters. Four semesters left. Working on getting the numbers to work for those last two, but I'll find a way.

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Posted by foshizzle

Washington DC metro

Member since Mar 2008

40599 posts

Posted on 10/16/17 at 8:07 pm to AmeriKop45

quote:
Whenever I have medical expenses - I pay out of pocket. Although I can reimburse myself through my HSA to cover these, I pay after-tax dollars to cover that.

From here on out - I can withdraw any amount of money up until the total accumulated cost of all my medical expenses since the inception of the plan, at any time, tax free.

I do this also. But ...

quote:
instead of having to touch my Roth and pay penalties on that

So long as you don't exceed the amount of your Roth contributions, there are no penalties at all. Penalties only apply to earnings above that amount.

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Posted by jmcwhrter

Member since Nov 2012

7657 posts

Posted on 10/17/17 at 8:52 am to foshizzle

Wife's open enrollment just started, and I was taking a hard look at the HSA + HDP.. Her current deductible is $500 + our 1-year old is on her plan with a $1000 family deductible. The out of pocket max is $3k for her and $9k for family. We actually just found out yesterday that her personal deductible was reduced to $250 for achieving some health initiative at work.

We're planning on having another baby soon.. Would it be worth it to consider the HSA? Most of our health expenses at the moment come from our daughter's routine check-ups and doctor visits when she's sick. It's October and we're just barely about to get over the $1000 family deductible.

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