Quote:
Originally Posted by Chief Roundup
Yes and no. You are correct that the HSA allows you to keep or roll over the money that you don't spend year after year.
You can only get the HSA if you get the High Deductible Health Plan which is that they don't pay a dime until I spend $3000 out of pocket which is also the maximum out of pocket expense. But I can put $3550 in it a year and anything I don't spend I get to keep tax free.
If I ever get over $2K in the account that I don't feel I will need I can roll it into a money market and let it make me even more money.
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I guess all I was trying to say is that the high deductible plan can be beneficial if you aren’t going to need to spend a lot on medical costs and don’t get unlucky. The more typical lower deductible plan is better if you are a high consumer of medical services.
I doubt I’ve had more than $5k of medical services in the last 15 years. My wife and kids on the other hand...
If I was single I’d do the HDHP and take the risk. No way I would do that now.