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SVTPerformance's Chain of Restaurants
Road Side Pub
Health Insurance -- HSA The Way To Go?
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<blockquote data-quote="sleek98" data-source="post: 14234170" data-attributes="member: 144145"><p>That's an FSA, an FSA is a use it or lose it.</p><p></p><p>An HSA you can roll over the balance from year to year. HSA's are recommended for people that are really healthy or really sick.</p><p></p><p>Say your deductible is 3,000 a person, you pay for the first 3,000 of medical care (can be from the HSA account which is tax advantaged) each year then the plan picks up the rest. </p><p></p><p>A PPO you normally have a 500-1000 deductible then co-insurance (10-30%) up to a set out of pocket amount. </p><p></p><p>If you know your going to hit your max out of pocket each year and go over it is better to pay the lower premium and pay 100% of the first bills.</p><p></p><p>If you are super healthy and only go maybe 1 or 2 times a year the difference in premiums (if saved in the HSA, which rolls over from year to year) can actually save you money in the long run. You never lose the money in the HSA, however you have to use it for medical expenses or you get hit with a 10% penalty on your income tax return. A lot of healthy people max it out and plan on using the funds for their increased medical expenses in retirement. It can be used a another form of retirement savings since certain HSA accounts can even be invested.</p></blockquote><p></p>
[QUOTE="sleek98, post: 14234170, member: 144145"] That's an FSA, an FSA is a use it or lose it. An HSA you can roll over the balance from year to year. HSA's are recommended for people that are really healthy or really sick. Say your deductible is 3,000 a person, you pay for the first 3,000 of medical care (can be from the HSA account which is tax advantaged) each year then the plan picks up the rest. A PPO you normally have a 500-1000 deductible then co-insurance (10-30%) up to a set out of pocket amount. If you know your going to hit your max out of pocket each year and go over it is better to pay the lower premium and pay 100% of the first bills. If you are super healthy and only go maybe 1 or 2 times a year the difference in premiums (if saved in the HSA, which rolls over from year to year) can actually save you money in the long run. You never lose the money in the HSA, however you have to use it for medical expenses or you get hit with a 10% penalty on your income tax return. A lot of healthy people max it out and plan on using the funds for their increased medical expenses in retirement. It can be used a another form of retirement savings since certain HSA accounts can even be invested. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Health Insurance -- HSA The Way To Go?
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