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Anyone have an HSA?

Discussion in 'The Lounge' started by ire, Mar 25, 2008.

  1. ire

    ire Turbo Monkey

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  2. vtjim

    vtjim Beware of Milo & Otis

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    My company has a FSA, but never heard of the HSA.
     
  3. narlus

    narlus Eastcoast Softcore
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    i do FSA. saving tax on money you know you are going to spend makes a lot of sense. never heard of the HSA.
     
  4. ire

    ire Turbo Monkey

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    My wife and I don't spend much on healthcare, so I never did an FSA for fear of losing money at the end of the year. At least with the HSA the balance continues to build year to year.
     
  5. Upgr8r

    Upgr8r High Priest or maybe Jedi Master

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    The key to an FSA is planning. Then at the end of the year if there is money left, stock up on saline solution if you wear contact lenses and OTC medications as most of them are eligible
     
  6. Echo

    Echo crooked smile

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    I have an FSA. My company matches my contribution to it, up to a certain amount. Never looked into an HSA.

    Edit: I always manage to use up all of my FSA. Probably because Xerox's health insurance sucks, and I always end up with a MTB injury that requires a doctor visit at least once a year. I get sick VERY rarely.
     
  7. I Are Baboon

    I Are Baboon Run, Forrest, Run!

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    My employer doesn't offer it. They only offer FSA, which I do not elect because I have minimal medical expenses.
     
  8. geargrrl

    geargrrl Turbo Monkey

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    yes, we've had it for years. Ours goes with a (very) high deductible health plan. The range of what you can spend it on is very broad, but using pretax dollars is very good.

    We take our allotment for the years, divide by 12, and put that much each month into it. It's nice to know that we've got "medical money" set aside, whether it's used to meet the expenses we have while we meet the high dedcutible. Another good example is my son's 'retainers went down the disposal. While that sucks in general, at least we've got pretax alloted dollars to pay for it.

    Our plan is tied to an investment account but we don't do trades with it as the transaction fee is high.
     
  9. ire

    ire Turbo Monkey

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    The article said they were typically bundled with high deductible plans. I looked around and it seems my employer doesn't offer an HSA :( We don't have high deductible plans, but I still think it would be useful. Plus you get piece of mind knowing that you have money set aside in case something happens.
     
  10. geargrrl

    geargrrl Turbo Monkey

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    they are typically packaged with small group plans, or in our case we self insure.
     
  11. Lex

    Lex Monkey

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    Where I work, FSA is an umbrella term that refers to both healthcare and dependent care accounts. I have an FSA for dependent care costs that I use for my son's daycare.
     
  12. brungeman

    brungeman I give a shirt

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    yep, I don't have it, and just signed to forgo it again this year! last year would have been the year to have it, with having another kid, and me breaking my C-bone :disgust1:

    You will see the HSA more and more, as all of the Co-Pay's start going up!
     
  13. geargrrl

    geargrrl Turbo Monkey

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    It sort of comes down to whether you can afford a high deductible health plan. The good thing about a high deductibule plan is that when it does kick in, the coverage is pretty good. In the mean time, though, you have to be able to deal with out of pocket expenses. This is where the HSA is good, becuase then you are at least paying out of pocket expenses with pre tax dollars. You do have to keep good records, though.
     
  14. jimmydean

    jimmydean The Official Meat of Ridemonkey

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    Our new company policy option was for an HSA. I nearly went with it (I'm sort of wishing I had now) where the company matches the money into the plan. It's only like $50 a month for the coverage, then what ever you want to put into the HSA is pre-taxed. The nice thing about the HSA is it rolls at the end of the year, unlike the FSA that is use-or-lose.

    It seems like a lot of companies are going this route because it adds a level of flexibility.
     
  15. Jeremy R

    Jeremy R <b>x</b>

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    Yep, geargirl knows the deal on the HSA's.
    They sure as hell are not for everybody.
    If you are young, irresponsible, and broke, stay far away.

    They work better for families who either have a big lump sum to put into the HSA account right away or for families who actually WILL put money into the account every month.
    The best thing about them besides the tax savings from a self-employed standpoint is that you use the money from the account to pay for things that normally are not covered under Individual/family plans. Things like dental, eyeglasses etc.....

    I have clients that have loved them, and some who want out after a year because of the extra time and responsibility of an HSA.
     
  16. reflux

    reflux Turbo Monkey

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    Does Oregon have state income tax? If so, do you know if OR conforms to the Fed rules for HSAs? Here in CA, the state does not. It's not a huge deal, but the HSA is tax free for Fed only down here.
     
  17. ire

    ire Turbo Monkey

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    We do have state income tax, but I don't know if we conform to the Fed rules. Thats a good question. I'm going to send an email to the Public Employees Benefit Board about HSAs.....I suspect they can provide an answer
     
  18. geargrrl

    geargrrl Turbo Monkey

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    Your HSA provider should be up to speed on all the various requirements of different states. You shouldn't have to do that homework yourself.
     
  19. ire

    ire Turbo Monkey

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    This is what the Public Employees Benefit Board said: