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12-28-2015, 03:04 PM
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#1
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Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,299
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Nice Surprise!
I have a HSA from my last job (it wasn't voluntary) and they issued a Visa debit card to the account. I left this job over two years ago and I'd had no idea of how much was in the account (I know, my bad ) but figured it was in the "few hundred $" range since the amounts withheld at the time were small and the last time I looked at in on the company's web site it was ~$350. I guess they didn't update it after I left the company's employ. We have pretty good health insurance so prescription and Dr. copays are usually in the $5-$10 range, if any, and I've been using the HSA debit card for those.
Out of curiosity I called the 800# on the card and asked what the balance was so imagine my surprise when the nice lady told me it was a bit over $2,600! At the rate I'm going through it this HSA is going to last a long time.
A late Christmas present.
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When I was a kid I wanted to be older. This is not what I expected.
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12-28-2015, 03:05 PM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2005
Posts: 10,252
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They are probably charging you $5 a month in fees and you don't even know it. Surprise!
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12-28-2015, 07:32 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Feb 2014
Location: Williston, FL
Posts: 3,925
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Quote:
Originally Posted by Walt34
Out of curiosity I called the 800# on the card and asked what the balance was so imagine my surprise when the nice lady told me it was a bit over $2,600! At the rate I'm going through it this HSA is going to last a long time.
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Or one ER visit...
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FIRE no later than 7/5/2016 at 56 (done), securing '16 401K match (done), getting '15 401K match (done), LTI Bonus (done), Perf bonus (done), maxing out 401K (done), picking up 1,000 hours to get another year of pension (done), July 1st benefits (vacation day, healthcare) (done), July 4th holiday. 0 days left. (done) OFFICIALLY RETIRED 7/5/2016!!
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12-28-2015, 08:15 PM
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#4
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,472
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Walt, what a nice surprise! Anytime when unexpected money falls into someone's lap like that, I think it is simply great.
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Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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12-29-2015, 03:20 PM
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#5
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Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,299
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Quote:
Originally Posted by Senator
Or one ER visit...
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Actually, no. Our HI is pretty good and Medicare is primary for me. Before Medicare started an ER visit was fully covered if admitted and if not then it used to be $50 copay. I think Medicare covers it fully now though.
But the premiums for 2016 will be a tad over $700/month. That covers me and DW.
__________________
When I was a kid I wanted to be older. This is not what I expected.
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12-29-2015, 03:39 PM
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#6
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,581
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12-29-2015, 04:39 PM
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#7
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Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,299
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I was doing some reading on exactly what HSA funds can be used for. Apparently now that I'm 65 I can use the funds for anything I want to, although I'd have to pay income tax on anything not a qualified medical expense, but not the 20% penalty. I'm going to call the administrator tomorrow and find out more about this. And I can use it to pay Medicare premiums - I didn't know about that and have been paying OOP. Dang!
And I was told at the time that it could only be used for my medical expenses, not DW's. But according to what I'm reading and the IRS pub. 502, I can, so that's another question.
Further, I want to know about rolling it over to a local bank so I'll have better control over it. They don't send monthly or even quarterly statements so I would have no way of knowing if the card number had been stolen until the verification form showed up in the mail.
__________________
When I was a kid I wanted to be older. This is not what I expected.
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12-29-2015, 08:41 PM
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#8
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gone traveling
Join Date: Apr 2011
Posts: 3,375
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I had $6-7K in mine when I retired 4 years back, but paying our Medicare premiums with it before going on SS used it up pretty quick & it ran out this year. Glasses & contacts took good chunks too.
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12-29-2015, 08:46 PM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2012
Location: Seattle
Posts: 6,005
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I have around $35k in ours but we don't use it. I think of it like a Roth, figuring that it will be tax free if used for medical expenses. My understanding is you can take out previous payments you made with other money at any time, so it is also somewhat like an emergency fund.
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12-30-2015, 08:03 AM
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#10
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Recycles dryer sheets
Join Date: Nov 2013
Posts: 475
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Quote:
Originally Posted by Fermion
I have around $35k in ours but we don't use it. I think of it like a Roth, figuring that it will be tax free if used for medical expenses. My understanding is you can take out previous payments you made with other money at any time, so it is also somewhat like an emergency fund.
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I have started thinking that we might use our HSA as a self funded long term care solution. We can contribute the max until Medicare and not touch it. It could be a substantial sum at age 80+. It won't help much if we have an early LTC need but pretty good for longer term cases. Are others considering that option?
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