Understanding Medical Insurance
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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.
