HSA??

[jimhelm]

I'm going to ask my boss to fund $1500 into my HSA and let me pay it back at $120/wk

....he said no, but if I get in a scrape, he'll cover me. win.

[jimhelm]

So this is done. I will try to update this thread and let you know how it goes.

[wolf]

I'm sure someone has addressed that FSA are use it or lose it, but HSAs are "forever". Also the HSA is regarded as "yours" and follows you if you leave your current employer (regardless of the reason. I had a nearly fully funded HSA when the old nuthouse shitcanned me, and that is now my current HSA with the rehab. Also, you can pay for medical expenses without insurance coverage being in place ... like in that transition between once I got shitcanned and before the coverage kicked in after I was hired. I could have used the HSA money without penalty for dr visits, dental, eyeglasses.

Unlike the FSA, though, you cannot use HSA money to buy any OTC meds or other things that have vaguely medical purpose and are sold in drug stores.

If you have the money to cover the deductable, the high deductable plans with the HSA are really good. One of my cow orkers DOES use her coverage enough to fulfill the deductable every year and is very happy with it.

[jimhelm]

Yeah, I still think it makes sense if the worst were to happen. Last year our total expense was $735... And I've already found that I pay 1/3 of what aetna was paying for the one recurring prescription we have between the for of us. And that prescription accounted for $560 of the $735 we spent.

I just hope this year is as fortunate.

[xoxoxoBruce]

It probably will be, it's just a question of how well and truly fucked you'll be if it isn't. I mean what's at risk, what can you lose.

[jimhelm]

I'd still come out ahead financially if the worst happened.

max out of pocket per year is $6000. That's the absolute worst case with respect to money.

I'll have contributed $6240 to the HSA, and paid $6189 in premiums. that's $12428. The other plan they offered totals $13000 in premiums. That leaves me ahead by $572, and $240 in my HSA to roll over.

The deductible of $3000 plus 20% of prescription costs is the most I'll pay unless someone is actually hospitalized or goes to rehab or the looney bin or something.

[xoxoxoBruce]

It's that "actually hospitalized" that's the killer. Whether from accident or illness, or heart attack/stroke, or whatever, a $50k or $100k bill is common. You'll get the care but it's that bill you're betting against, so it depends on what you'll lose. If you can say, "they can't get blood out of a stone", you're good to go.

[jimhelm]

NO, that's not what I'm saying. It's not like I don't have health coverage. The HSA must be paired with an HDHP ( High Deductible Health Plan) I have the same coverages as everyone else with the following exceptions:

I pay the FIRST $3000 each year, and IF there is inpatient treatment, I pay $250 per day max of 5 days, then it's 100% on them.

instead of a $20 co-pay for prescriptions, I pay 20% unless I've already paid the max of $6k per annum.

[xoxoxoBruce]

OK.

[johngibbs]

Might be a little late to the game but I recently retired and had a hard time really understanding HSAs as well. The IRS definition was a little too wordy for me but here's a pretty simple explanation I found.

[Gravdigr]

Welcome to The Cellar, JohnGibbs.

[johngibbs]

Thank you!