Understanding Medical Insurance
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@coliver said:
From my past experience this is 0%.
I agree.
Otherwise it would say X% (AFTER DEDUCTIBLE)
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@Kelly said:
HSAs are good for anyone that has medical expenses. They lower your tax burden right off, and can be used for a wide range of expenses that might not seem to fit the category, e.g. chiropractic care, dentists, contacts, etc. It might not be useful for everyone to contribute the maximum allowable to it, but I think there can be value for just about anyone.
But for many that benefit is outweighed by the time spent managing your expense to setup the HSA and make claims against it.
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@JaredBusch said:
But for many that benefit is outweighed by the time spent managing your expense to setup the HSA and make claims against it.
I'm lucky there again that my employer does all that and just makes it a payroll deduction.
We also have a dependent care one that I fund to pay for the kiddos summer camp.
Hey, let's start ANOTHER thread on why school doesn't run all year.
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@BRRABill said:
@JaredBusch said:
But for many that benefit is outweighed by the time spent managing your expense to setup the HSA and make claims against it.
I'm lucky there again that my employer does all that and just makes it a payroll deduction.
We also have a dependent care one that I fund to pay for the kiddos summer camp.
Hey, let's start ANOTHER thread on why school doesn't run all year.
And your employer handles the claims to make payments from the account too?
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@JaredBusch said:
And your employer handles the claims to make payments from the account too?
No, but that's not that much to do, especially considering the tax savings.
Now, if I had 500 $10 claims to make, it would be a different story, I guess.
My bills are pretty large...year's supply of contacts, dental bill, whatever. I store them up and just submit all at once electronically with a PDF.
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@BRRABill said:
Hey, let's start ANOTHER thread on why school doesn't run all year.
Ok, now you're just trying to tempt me into starting yet another massive, contentious, whiny style thread
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@travisdh1 said:
Ok, now you're just trying to tempt me into starting yet another massive, contentious, whiny style thread
They didn't bring me on here for my tech knowledge!
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The company I used to work for had an HSA plan. They would pay in a decent amount so if you were a family your out of pocket deductible would only be $500 (they put in about $1500). The one nice thing about the HSAs are when you retire, you get to keep the money in the account.
FSAs are a big pain however.
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@JaredBusch said:
@Kelly said:
HSAs are good for anyone that has medical expenses. They lower your tax burden right off, and can be used for a wide range of expenses that might not seem to fit the category, e.g. chiropractic care, dentists, contacts, etc. It might not be useful for everyone to contribute the maximum allowable to it, but I think there can be value for just about anyone.
But for many that benefit is outweighed by the time spent managing your expense to setup the HSA and make claims against it.
Our bank gave us a debit card that charges against the HSA. All we have to do is save our receipts for taxes.
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@Kelly said:
@JaredBusch said:
@Kelly said:
HSAs are good for anyone that has medical expenses. They lower your tax burden right off, and can be used for a wide range of expenses that might not seem to fit the category, e.g. chiropractic care, dentists, contacts, etc. It might not be useful for everyone to contribute the maximum allowable to it, but I think there can be value for just about anyone.
But for many that benefit is outweighed by the time spent managing your expense to setup the HSA and make claims against it.
Our bank gave us a debit card that charges against the HSA. All we have to do is save our receipts for taxes.
I've seen that done, that's a very nice process.
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@scottalanmiller said:
@Kelly said:
@JaredBusch said:
@Kelly said:
HSAs are good for anyone that has medical expenses. They lower your tax burden right off, and can be used for a wide range of expenses that might not seem to fit the category, e.g. chiropractic care, dentists, contacts, etc. It might not be useful for everyone to contribute the maximum allowable to it, but I think there can be value for just about anyone.
But for many that benefit is outweighed by the time spent managing your expense to setup the HSA and make claims against it.
Our bank gave us a debit card that charges against the HSA. All we have to do is save our receipts for taxes.
I've seen that done, that's a very nice process.
Yes, if I had to write checks to myself and manage the in and out much more the value would go way down. Since we're currently spending more than the maximum contribution each year the HSA is an incredible blessing for us.
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@scottalanmiller said:
@Kelly said:
@JaredBusch said:
@Kelly said:
HSAs are good for anyone that has medical expenses. They lower your tax burden right off, and can be used for a wide range of expenses that might not seem to fit the category, e.g. chiropractic care, dentists, contacts, etc. It might not be useful for everyone to contribute the maximum allowable to it, but I think there can be value for just about anyone.
But for many that benefit is outweighed by the time spent managing your expense to setup the HSA and make claims against it.
Our bank gave us a debit card that charges against the HSA. All we have to do is save our receipts for taxes.
I've seen that done, that's a very nice process.
I agree, I'm lucky, unlike Kelly, I spend way less than the HSA allowed deposits, I have nearly two years of deductibles ready to go... plus I can use HSA for things like glasses, lasik and dental as well.
