LSLGuy
February 26, 2021, 9:46pm
4
Here are three threads on exactly that.
I’m self employed. That means the first taxable dollar I make, I have to pay 15% tax on it, and it goes up from there.
Right now I just have short term medical insurance because I missed the ACA signup deadline last year. So as I understand it, the money I pay towards ACA premiums is tax deductible (err, apparently it counts as an “income adjustment” instead).
However, for covering deductible and out of pocket expenses, apparently, certain insurance plans are “HSA eligible”. As near as I ca…
Oct 2020:
Open Enrollment time is upon us again at my workplace, and once again I am mulling over whether I should sign up for the HSA Qualified high deductible health plan. I know that some people (Dave Ramsey is one prominent example) love HSAs, but I would appreciate some advice from those who have one, or at least who know something about them.
I work at a large public university. My health insurance covers both me and my wife. The interesting thing is, my current plan also has a fairly high deduc…
Jan 2021:
I’ve had a HDHP for a couple or so years and have an HSA that I contribute to. I contribute basically $100/week to the HSA, and my employer contributes $1700 annually. At the moment I have about $19.5k in the account. My max OOP for a year is $11k if everything were out of network (I cover my college age son, so my maxes are family size), which would never happen, and my max health OOP in network is $6900. I’ve never even come close to half that.
So: how large should I let my HSA grow before I …
In general, assuming you can afford it, and your HSA provider has decent investment options beyond just passbook savings, you should consider it simply an extra 401K or IRA and max it out every year, never touching the money until retirement.
See also this Investopedia advice
@elbows : HSA’s are only available to people who have a certain type of medical plan, a so-called “high deductible health plan” or HDHP. Although they’ve been around for 20-ish years now fairly few employers offer them.