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post #1 of 5 (permalink) Old 05-01-2007, 10:50 AM Thread Starter
 
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Does anybody participate in an HSA?

Healthcare Savings account with a high deductible Healthcare plan.

The reason i ask is that at my work, we have four people we pay insurance on, and i've yet to use the insurance for anything in the last three years.

so basically, we pay $350/month to have insurance on me, and it all gets wasted.

im wondering if anybody actually has one of these and can give true real life pros/cons versus all of the "internet hype" from both sides.

in our situation, the company could probably enter the maximum contribution for all employees and would still save money based upon the HDHP plans i have seen.


Anybody?
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post #2 of 5 (permalink) Old 05-01-2007, 11:13 AM
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We have the plans setup here for some people who want them.... it's not to replace the insurance though, it's to help with the higher deductible since insurance costs so much we have elected to go with lower coverages these last few years as the cost keeps climbing up & up.

Health care insurance is a major issue in the US and it just keep going up higher every year, for some reason it has stayed off the radar this last year or two but the cost is crazy.

It's a risk you have to assess for yourself though, I'm not sure if I could do it myself.... just think that one major issue could break you and all your savings and then some.

but what are the odds of that?



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post #3 of 5 (permalink) Old 05-01-2007, 11:43 AM Thread Starter
 
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Quote:
Originally Posted by R1LOVER View Post
We have the plans setup here for some people who want them.... it's not to replace the insurance though, it's to help with the higher deductible since insurance costs so much we have elected to go with lower coverages these last few years as the cost keeps climbing up & up.

Health care insurance is a major issue in the US and it just keep going up higher every year, for some reason it has stayed off the radar this last year or two but the cost is crazy.

It's a risk you have to assess for yourself though, I'm not sure if I could do it myself.... just think that one major issue could break you and all your savings and then some.

but what are the odds of that?
no.
you use it in conjunction with an approved High deductible insurance plan (basically like a major medical plan)

I can get a plan that does everything. including prescriptions, after the initial deductible is met for about $78/month.
now figure that the deductible is the same as the total yoou can put into the account of $2850, and divide that by 12 months, and even if i set it so the company pays the ENTIRE amount into the account ($2850) its still cheaper for the company (2850/12 = $237.50 + $80/month = $317.50/month), and unlike regular insurance, that money, if not used, rolls over into the next year and can be used for any approved medical expense without penalty.
And it's pre-tax income and tax free outlay.... so it's in essence the same as me having 1.33 times that to pay for medical expenses.


it makes sense IF you don't use all of your deductible every year, and there are even cheaper HDHP plans out there.....

but i want to hear from someone that uses one to see if i'm missing anything.
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post #4 of 5 (permalink) Old 05-01-2007, 12:43 PM
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Yes that is how some people here use it also... I just did a piss poor job of explaining it as I was in a boring meeting here in my office... lmao



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post #5 of 5 (permalink) Old 05-01-2007, 05:20 PM
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If you have the money it's a great way to help retirement as it can get interest and/or be a write off yet at 65 i believe it is you can pull it all out tax free. great to have w/ a health plan and to make as another way to save for retirement


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