Comments on: High-Deductible Health Insurance Plan Plus HSA http://ptmoney.com/2009/10/30/should-you-move-to-a-high-deductible-health-insurance-plan-and-use-an-hsa-to-make-up-the-difference/ Real Personal Finance for a Life Without Limits! Fri, 19 Mar 2010 15:55:05 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: StL Pastor http://ptmoney.com/2009/10/30/should-you-move-to-a-high-deductible-health-insurance-plan-and-use-an-hsa-to-make-up-the-difference/comment-page-1/#comment-5480 StL Pastor Mon, 09 Nov 2009 18:29:47 +0000 http://ptmoney.com/?p=4153#comment-5480 One challenge with this is companies that switch to a high deductible plan usually don't pass the savings on to you, the worker! When my church switched to an HSA model, they pocketed the difference, so obviously the high deductible was VERY BAD for me, financially. One challenge with this is companies that switch to a high deductible plan usually don’t pass the savings on to you, the worker! When my church switched to an HSA model, they pocketed the difference, so obviously the high deductible was VERY BAD for me, financially.

]]> By: Financial Samurai http://ptmoney.com/2009/10/30/should-you-move-to-a-high-deductible-health-insurance-plan-and-use-an-hsa-to-make-up-the-difference/comment-page-1/#comment-5363 Financial Samurai Sun, 01 Nov 2009 01:19:23 +0000 http://ptmoney.com/?p=4153#comment-5363 Very timely write up given open enrollment season is now. HSA and FSA, both are good. Generally, one just have to ask themselves how healthy they think they are, and deduct accordingly. There's always something you can buy to use up your FSA. Contacts, sunglasses, stock up for medicine. Just don't beef it up like crazy! Hope to see you at Financial Samurai one day! Very timely write up given open enrollment season is now. HSA and FSA, both are good. Generally, one just have to ask themselves how healthy they think they are, and deduct accordingly.

There’s always something you can buy to use up your FSA. Contacts, sunglasses, stock up for medicine. Just don’t beef it up like crazy!

Hope to see you at Financial Samurai one day!

]]> By: Matt Jabs http://ptmoney.com/2009/10/30/should-you-move-to-a-high-deductible-health-insurance-plan-and-use-an-hsa-to-make-up-the-difference/comment-page-1/#comment-5355 Matt Jabs Fri, 30 Oct 2009 18:20:15 +0000 http://ptmoney.com/?p=4153#comment-5355 Awesome write up. Unfortunately, my employer does not offer HSA's but FSA's instead. The FSA is a burden to try to "work out" perfectly - it's definitely created to profit the company and not to help the individual. We do use it, but we have to be diligent to predict the correct amounts. I'm going to my plan director here at work right now to see if we can start offering HSA's! They just make so much more sense. Cheers Awesome write up.

Unfortunately, my employer does not offer HSA’s but FSA’s instead. The FSA is a burden to try to “work out” perfectly – it’s definitely created to profit the company and not to help the individual. We do use it, but we have to be diligent to predict the correct amounts.

I’m going to my plan director here at work right now to see if we can start offering HSA’s! They just make so much more sense.

Cheers

]]> By: Kacie http://ptmoney.com/2009/10/30/should-you-move-to-a-high-deductible-health-insurance-plan-and-use-an-hsa-to-make-up-the-difference/comment-page-1/#comment-5350 Kacie Fri, 30 Oct 2009 13:13:10 +0000 http://ptmoney.com/?p=4153#comment-5350 Good analysis. I did my own, as our open enrollment period ends today. We have an extremely generous HMO. The family rate is $225/month. Our copays are $20 for our regular practitioner and $30 for a specialist. Lab work, tests, surgeries and more are covered 100%. When I had my son, our entire bill was $280. That was for prenatal visits, ultrasounds, labor, time in the hospital -- everything. Under the deductible insurance option my husband's employer offers, we'd have to spend $5,000 OOP before their benefits kicked in, and they'd only cover 80% of whatever costs. That's a LOT more than we spent last year. We are sticking with our HMO as long as it is offered, even if we could potentially save $1000 per year or so by going another route. Good analysis. I did my own, as our open enrollment period ends today.

We have an extremely generous HMO. The family rate is $225/month. Our copays are $20 for our regular practitioner and $30 for a specialist.

Lab work, tests, surgeries and more are covered 100%. When I had my son, our entire bill was $280. That was for prenatal visits, ultrasounds, labor, time in the hospital — everything.

Under the deductible insurance option my husband’s employer offers, we’d have to spend $5,000 OOP before their benefits kicked in, and they’d only cover 80% of whatever costs.

That’s a LOT more than we spent last year.

We are sticking with our HMO as long as it is offered, even if we could potentially save $1000 per year or so by going another route.

]]> By: Mr. GoTo http://ptmoney.com/2009/10/30/should-you-move-to-a-high-deductible-health-insurance-plan-and-use-an-hsa-to-make-up-the-difference/comment-page-1/#comment-5348 Mr. GoTo Fri, 30 Oct 2009 12:35:18 +0000 http://ptmoney.com/?p=4153#comment-5348 HSA plans are definitely the way to go. One aspect not discussed here is the ability to use an HSA as a "super Roth" investment vehicle, with no taxes paid on money going in or out of the account, including investment earning. I am not spending any of my HSA money until I retire. I wrote a post about how to do this some months ago. HSA plans are definitely the way to go. One aspect not discussed here is the ability to use an HSA as a “super Roth” investment vehicle, with no taxes paid on money going in or out of the account, including investment earning. I am not spending any of my HSA money until I retire. I wrote a post about how to do this some months ago.

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