Caveat: I DO NOT love HSAs as a workaround to the Medicare and SS we have all paid for, all our working lives. Felt I should say that.
That said, I love what they can do for me as someone who can't get Life or LTC or hybrid...
- Employer contributions!!! For free, if they offer you this
- Reduce your tax basis
- Tax free when you use it for approved expenses, or later when age allows (NO NEVER any tax)
- SAME terms with insurance payment coverage except you need to meet the deductible first (I know many folks who think the negotiated rate for service with health insurance provider does not apply to HSA/HDHP customers - untrue, same before and when you meet deductible)
- PORT it once a year, not only on SEPARATION![:happy]( "smile")
- Choose the HSA plan provider you like most (fees, accessibility, investment options, international use, etc.)
- Invest as you see fit from provider's options, not your employer's options, if you pick a different provider
What I don't love is one prior employer's plan that was set up with Devenir... crap MF only choices. Probably driven by my employer... But you can port it somewhere else without leaving your employer. If only 401ks were the same!
You can also use it to:
- Pay health insurance premiums while on unemployment insurance
- Pay LTC (if I qualified) premiums
- Augment whatever other retirement investments you have
- Take your employer's free money when they offer it, and invest it
YAY HSA
That said, I love what they can do for me as someone who can't get Life or LTC or hybrid...
- Employer contributions!!! For free, if they offer you this
- Reduce your tax basis
- Tax free when you use it for approved expenses, or later when age allows (NO NEVER any tax)
- SAME terms with insurance payment coverage except you need to meet the deductible first (I know many folks who think the negotiated rate for service with health insurance provider does not apply to HSA/HDHP customers - untrue, same before and when you meet deductible)
- PORT it once a year, not only on SEPARATION
- Choose the HSA plan provider you like most (fees, accessibility, investment options, international use, etc.)
- Invest as you see fit from provider's options, not your employer's options, if you pick a different provider
What I don't love is one prior employer's plan that was set up with Devenir... crap MF only choices. Probably driven by my employer... But you can port it somewhere else without leaving your employer. If only 401ks were the same!
You can also use it to:
- Pay health insurance premiums while on unemployment insurance
- Pay LTC (if I qualified) premiums
- Augment whatever other retirement investments you have
- Take your employer's free money when they offer it, and invest it
YAY HSA
Statistics: Posted by CityKir — Thu Oct 03, 2024 7:53 pm — Replies 0 — Views 108