Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
HSA good for young dreamer crowd?
Old 03-02-2005, 06:39 AM   #1
Thinks s/he gets paid by the post
wildcat's Avatar
 
Join Date: Feb 2005
Location: Lou-evil
Posts: 2,025
HSA good for young dreamer crowd?

Just wanted to start a thread with some people's thoughts on the HSA accounts. HSAs are kind of an emerging benefit and thought it would be a great topic to cover if anyone has experience in this area. Thoughts? Ideas? Confessions?
__________________

__________________
"These walls are kind of funny. First you hate 'em, then you get used to 'em. Enough time passes, gets so you depend on them"
wildcat is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: HSA good for young dreamer crowd?
Old 03-02-2005, 07:06 AM   #2
Full time employment: Posting here.
 
Join Date: Aug 2004
Posts: 909
Send a message via ICQ to Marshac Send a message via AIM to Marshac Send a message via Yahoo to Marshac
Re: HSA good for young dreamer crowd?

Right now I like FSAs better since they allow you to pay for childcare, and other more common expenses using pre-tax dollars. The downside to FSAs is that they will not roll over from one year to the next, unlike a HSA. You can also cash out a HSA, something you can't do with a FSA. The upshot of a FSA? If you decide to deduct $5k from your pay over an entire year, you have all $5000 available to you on the first month of the 12 month cycle (free loan from your employer basically).
__________________

__________________
Marshac is offline   Reply With Quote
Re: HSA good for young dreamer crowd?
Old 03-03-2005, 06:25 AM   #3
Recycles dryer sheets
 
Join Date: Aug 2004
Posts: 74
Re: HSA good for young dreamer crowd?

I actually work for a company that administers HSA/FSA/HRA, etc. accounts (among other things). Ironically, our company does not offer an HSA option for our employee healthcare. I even questioned HR about it. I know I'd sign up in a heartbeat. This year I switched to our HRA plan (the downside being that my employer keeps the balance when I leave). I spend virtually nothing on healthcare expenses, so I just see an HSA as additional retirement savings that could cover medical expenses when/if I needed it.
__________________
dunc0029 is offline   Reply With Quote
Re: HSA good for young dreamer crowd?
Old 03-03-2005, 09:46 AM   #4
Thinks s/he gets paid by the post
wildcat's Avatar
 
Join Date: Feb 2005
Location: Lou-evil
Posts: 2,025
Re: HSA good for young dreamer crowd?

dunc0029 -

You and I are thinking in similar terms. I originally thought HSAs would be a great way to reduce medical expenses if a person decided to ER. I could be proven wrong & that is why I posted.
__________________
"These walls are kind of funny. First you hate 'em, then you get used to 'em. Enough time passes, gets so you depend on them"
wildcat is offline   Reply With Quote
Re: HSA good for young dreamer crowd?
Old 03-03-2005, 10:19 AM   #5
Recycles dryer sheets
 
Join Date: Aug 2004
Posts: 151
Re: HSA good for young dreamer crowd?

When our company first offered HSAs back in December, they gave us two days to decide whether or not we wanted the plan. The firms that I researched that were offering HSAs were offering terrible returns and high fees.

As a further disincentive, the cost of my HMO which has a $5 copay for EVERYTHING was cheaper (significantly) than the high deductible insurance my company was offering with the HSA plan.

I really like the idea of saving for retirement medical expenses and even with the high deductible insurance costing more than the HMO, I would have chosen the HSA if I could find a place to park the money that wasn't going to eat me alive with poor returns and high fees.

We have another open enrollment coming up next month and if I find a good HSA firm, I'll probably take it.

Anyone find a good place to park HSA money?
__________________
Cal is offline   Reply With Quote
Re: HSA good for young dreamer crowd?
Old 03-03-2005, 10:58 AM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Re: HSA good for young dreamer crowd?

We have an FSA. No problem so far using up the money by 12/31. With a baby, I imagine it'll be even easier...
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Re: HSA good for young dreamer crowd?
Old 03-03-2005, 11:32 AM   #7
Full time employment: Posting here.
 
Join Date: Aug 2004
Posts: 909
Send a message via ICQ to Marshac Send a message via AIM to Marshac Send a message via Yahoo to Marshac
Re: HSA good for young dreamer crowd?

Quote:
We have an FSA. *No problem so far using up the money by 12/31. *With a baby, I imagine it'll be even easier...
Do you know if formula is a covered expense under a FSA?
__________________
Marshac is offline   Reply With Quote
Re: HSA good for young dreamer crowd?
Old 03-03-2005, 12:11 PM   #8
Thinks s/he gets paid by the post
 
Join Date: Feb 2003
Location: Mesa
Posts: 3,588
Re: HSA good for young dreamer crowd?

We talked about HSA's in another thread not long ago:

http://early-retirement.org/cgi-bin/...42487;start=18


__________________
sgeeeee is offline   Reply With Quote
Re: HSA good for young dreamer crowd?
Old 03-03-2005, 01:59 PM   #9
Thinks s/he gets paid by the post
wildcat's Avatar
 
Join Date: Feb 2005
Location: Lou-evil
Posts: 2,025
Re: HSA good for young dreamer crowd?

Damn fees!!
__________________
"These walls are kind of funny. First you hate 'em, then you get used to 'em. Enough time passes, gets so you depend on them"
wildcat is offline   Reply With Quote
Re: HSA good for young dreamer crowd?
Old 03-04-2005, 09:51 AM   #10
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Re: HSA good for young dreamer crowd?

Quote:

Do you know if formula is a covered expense under a FSA?
The cost difference between the cheapest milk based formula available and a 'special' formula such as lactose free or soy based is covered as a medical expense and deductible from your FSA provided you have a physicians note saying there is a medical need for the special formula. So the 8c difference per oz between milk and the soy formula we're feeding gabe would technically be deductible.

So far the co-pays on my wifes asthma meds, all of the pregnancy related stuff last year and the birth stuff and pediatrician visits this year have been enough to eat up the FSA and then some.
__________________

__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Good Regional Food yakers Other topics 28 04-18-2007 06:03 PM
HSA Summary TromboneAl FIRE and Money 96 12-28-2006 08:28 PM
HSA Questions kaneohe Health and Early Retirement 13 11-11-2006 05:08 PM
Good recipes #1 cute fuzzy bunny Other topics 12 04-26-2004 01:50 PM
Good recipes #2 cute fuzzy bunny Other topics 0 04-20-2004 05:12 PM

 

 
All times are GMT -6. The time now is 07:26 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.