Comment on There is a fee to close my HSA account
themeatbridge@lemmy.world 4 days ago
HSAs are a misdirect to get you to ignore how shitty high deductible plans are. Never take the high deductible plan.
I save money with the HSA/high deductible. I always plan around using 100% of deductible. Premium plus HSA contribution is less than the PPO option.
I’ll never pick an 80/20 plan. They generally charge more and cover less.
And I’m an old hag and have recently got cataract surgery in both eyes, hearing aids, etc.
HSAs are also a way to get healthy people away from wanting universal health care by catering to their self interest, just like how IRAs were intended to let people with money invest in retirement which eroded support for social security.
It really depends. My company, you always do the high deductible. The OOP Max is only $5k compared to $13k for the other. The difference in premiums plus my employers contribution to the HSA are more than the difference between the two deductibles. The plans cover the same stuff. I don’t really get why they’re set up how they are.
My company offers something similar, but I worry it’s a short term incentive to get more people onto HDPs and then quietly make that the only option.
scytale@lemm.ee 4 days ago
It depends though. If you are relatively healthy with no chronic issues (yet) and have enough saved for an emergency, it can save you a good amount of tax-free money that you can use for when you get older and sicker. That and the monthly premium is much lower than a PPO. Obviously universal healthcare is still the best option.
baines@lemmy.cafe 2 days ago
it’s always fine until it’s not
scytale@lemm.ee 2 days ago
Yes, but until then you are parking money that you can actually use to pay for medical bills, unlike a PPO where you pay hundreds of dollars a month just to the insurance company then still need to pay a deductible anyway. Sure, a PPO deductible is lower than an HSA, and your bills should theoretically be lower as well; that’s why I said if you don’t have chronic issues or you don’t get sick often, you might be better off with an HSA. You can always switch to a PPO when the chronic issues start.
For example. In my first year at my job, I chose PPO. I was paying $400 a month. The only medical stuff I did for the year was visit a specialist twice at $35 a visit. Even if I was on an HSA and paid full price for the doctor visits, it would still be cheaper than the $4800 I paid on my PPO for the year. If I was on an HSA back then, I would’ve paid only $50 a month. If I had the same budget, then I could’ve put the rest of the $350 into an HSA tax free, and I can actually use it to pay medical bills. Also, my employer puts in $1000 for free into my HSA, so that’s an automatic $1000 less on my deductible.
bitchkat@lemmy.world 4 days ago
My company has high deductible plan with $1800 deductible and another with $3600 deductible. I just divide those by 12 and add to monthly premium when comparing against HMO/PPO plans.
I’m single and old.
tburkhol@lemmy.world 3 days ago
Is your company paying part of the deductible? I can’t get an HSA-qualifying plan with deductible under $6000. Also single and old.
bitchkat@lemmy.world 3 days ago
Generally the lower the deductible, someone is paying more upfront. How that is split between employer and employee is unknown to me. My last two jobs have had similar high deductible plans.