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Anyone have an HSA?

ire

Turbo Monkey
Aug 6, 2007
6,199
4
i do FSA. saving tax on money you know you are going to spend makes a lot of sense. never heard of the HSA.
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.
 

Upgr8r

High Priest or maybe Jedi Master
May 2, 2006
942
0
Ventura, CA
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.
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
 

Echo

crooked smile
Jul 10, 2002
11,818
1
Slacking at work
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.
 

geargrrl

Turbo Monkey
May 2, 2002
2,379
1
pnw -dry side
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.
 

ire

Turbo Monkey
Aug 6, 2007
6,199
4
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.
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.
 

Lex

Monkey
Dec 6, 2001
595
0
Massachusetts
i do FSA. saving tax on money you know you are going to spend makes a lot of sense. never heard of the HSA.
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.
 

brungeman

I give a shirt
Jan 17, 2006
5,173
0
da Burgh
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!
 

geargrrl

Turbo Monkey
May 2, 2002
2,379
1
pnw -dry side
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.
 

jimmydean

The Official Meat of Ridemonkey
Sep 10, 2001
30,429
3,330
Portland, OR
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.
 

Jeremy R

<b>x</b>
Nov 15, 2001
9,532
618
behind you with a snap pop
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.
 

reflux

Turbo Monkey
Mar 18, 2002
4,622
2
G14 Classified
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.
 

ire

Turbo Monkey
Aug 6, 2007
6,199
4
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.
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
 

geargrrl

Turbo Monkey
May 2, 2002
2,379
1
pnw -dry side
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.
 

ire

Turbo Monkey
Aug 6, 2007
6,199
4
This is what the Public Employees Benefit Board said:

We do not have that policy available. The health savings accounts are usually set for high deductable plans i.e. $1,000. You are right we only have the flexible spending accounts for health care and dependent care, sorry.