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| health insurance question (FL) |
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| dkersten:
--- Quote from: Phreakwars on January 21, 2017, 09:24:16 pm --- --- Quote from: dkersten on January 21, 2017, 07:56:50 pm ---In order to be able to use an HSA, you need a high deductible medical plan. --- End quote --- Not true. An HSA requires no insurance what so ever. In fact, many local banks offer them. An HSA is nothing more then a glorified savings account used for only 1 purpose... medical bills. And it is YOUR MONEY. It is the EXACT SAME THING as opening a separate account at the bank and getting a debit card to go with it, tucking it under your mattress, and only whipping it out when you go to the Dr. The only difference between an HSA and a regular bank account, is an HSA ENSURES you will only spend that money on specifically medical bills by making it a condition of it's usage. Anybody who tells you any different, is either lying, or does not know jack about how an HSA actually works. --- End quote --- You must be talking about a regular savings account that is labeled for health expenses. An HSA is a government monitored program that allows you to take pretax earnings and contribute directly to the account. PRE TAX, which both reduces your taxable income (resulting in potentially lower tax rates on your income), and income that is not even counted when paying social security tax. For me the savings is ~43%. If I pay a $100 medical bill out of my pocket, it cost me nearly $190 in gross income to get that $100. If I pay it out of my HSA, I save $90. The ONLY way to do that with alternate plans is either with FLEX, which you lose each year if you don't use it, or by exceeding 7.5% of your adjusted gross income, which is not easy to hit if you make a median wage. Here is more info on HSA's: https://www.healthcare.gov/glossary/health-savings-account-HSA/ Or perhaps you don't believe the government website, so here are some third party links: http://www.forbes.com/sites/robertberger/2016/12/02/14-surprising-facts-about-health-savings-accounts-hsa/#127492624414 http://obamacarefacts.com/health-insurance/health-savings-account-hsa/ |
| dkersten:
--- Quote from: Phreakwars on January 21, 2017, 09:26:13 pm --- --- Quote from: dkersten on January 21, 2017, 07:56:50 pm ---Max you can contribute per year into an HSA is around $3350 for a single adult, $6750 for a family. --- End quote --- Also not true, read the above statement. If your HSA provider places caps on contributions, then you need to either find another HSA provider, or talk to your local bank. What you're probably thinking of, is a FSA or FLEXIBLE SPENDING ACCOUNT which will cap you accordingly and requires a "gold" class insurance plan. --- End quote --- Flex is for regular insurance, and has to be used by the end of the calendar year or you lose it. I used Flex for medical and day care (yes, you can use Flex for day care) for about 15 years. It was tricky using all the money some years, and usually involved a trip to the eye doc in December to get more pairs of glasses, as well as hitting the pharmacy for bandaids, tums, cold medicines, and just about anything else that qualified under Flex. After my divorce I moved to the HSA, which I have been on for 6 years now. HSA is more stringent on what you can buy over the counter, but you can pay for any medical bill from any year at any time, which is nice. You can also pay out of pocket for medical if you don't have enough in your HSA, then pay yourself back later with HSA. As PBJ said, you either have to claim it on your taxes and be taxed for it, or you should keep records to prove that at one time you spent that money on medical and are paying yourself back in case you are ever audited. I have used it for gas, groceries, and other things in the past, but just to pay myself back for regular out of pocket medical costs, I have never used it as regular money and claimed it on my taxes. |
| dkersten:
--- Quote from: Phreakwars on January 21, 2017, 09:35:13 pm --- --- Quote from: dkersten on January 21, 2017, 07:56:50 pm ---Trump already signed an executive order to end ACA, --- End quote --- Trump signed nothing but a document bloviating about wanting to repeal the ACA. That would be like me signing a document proclaiming I'm the best in the world at Super Pacman.. does it give any proof or documentation of skill or high score?? HELL NO, it would just say I declare myself the greatest. The so called executive order was nothing more then a ploy to give his supporters something to fap over. --- End quote --- I didn't say it held any real potency, just that he signed an executive order. Nothing much can happen without Congress voting on it. But the President does have some power, believe it or not. Here is a quote from Wikipedia regarding Major Policies in relation to Executive Orders: --- Quote from: Wikipedia ---Major policy initiatives require approval by the legislative branch, but executive orders have significant influence over the internal affairs of government, deciding how and to what degree legislation will be enforced, dealing with emergencies, waging wars, and in general fine-tuning policy choices in the implementation of broad statutes. --- End quote --- To me that reads that Trump's executive order could influence how well the government can enforce the ACA penalties for both businesses and individuals. Read into it how you want though.. --- Quote --- --- Quote ---Regardless of what happens with ACA, I would still pursue health insurance if you don't have it. --- End quote --- I'd only recommend that if you live in a state that has expanded on the ACA. In states like Florida, Texas, etc. Your gonna get screwed, your gonna pay alot of money, and you aren't gonna get any worthwhile coverage unless you have a catastrophic event. --- End quote --- So what would you suggest for someone without insurance in those states? Just go without and hope nothing happens? I could never, in good conscience, advise anyone to go without insurance. I have seen several people go through tremendous financial stress because they were uncovered when something unexpected happened. To each their own though, it's all a question of whether you are ready to take the risk. |
| pbj:
Cash price is about 20-30% of what hospitals charge the insurance companies. Doubtless someone will run to wikipedia to argue that, but it's what I've seen when bidding out complicated surgeries. :cheers: |
| BadMouth:
I miss having a flex account to pay for expensive prescription transitions motorcycle sunglasses/goggles every year. I didn't get transition lenses every year. It's good to have options. Probably the best company benefit I ever had... |
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