Comments on: Health Savings Account: How You Can Save Money with and Profit from It http://www.thesunsfinancialdiary.com/health-care/health-savings-account-how-you-can-save-money-with-and-profit-from-it/ Fri, 03 Feb 2012 17:42:24 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: MossySFhttp://www.thesunsfinancialdiary.com/health-care/health-savings-account-how-you-can-save-money-with-and-profit-from-it/#comment-22030 MossySF Sat, 08 Sep 2007 17:50:17 +0000 http://www.thesunsfinancialdiary.com/2006/12/27/health-savings-account-how-you-can-save-money-with-and-profit-from-it/#comment-22030 HSA money can always be used for qualified medical. You just are limited from adding more money in if you are no longer covered by a high-deductible plan. After age 65.5, you can treat it like an IRA and use it for non-medical if you pay income tax on it. Non-medical before 65.5, you pay tax and penalty. HSA money can always be used for qualified medical. You just are limited from adding more money in if you are no longer covered by a high-deductible plan. After age 65.5, you can treat it like an IRA and use it for non-medical if you pay income tax on it. Non-medical before 65.5, you pay tax and penalty.

]]> By: Lukehttp://www.thesunsfinancialdiary.com/health-care/health-savings-account-how-you-can-save-money-with-and-profit-from-it/#comment-21886 Luke Fri, 07 Sep 2007 14:39:26 +0000 http://www.thesunsfinancialdiary.com/2006/12/27/health-savings-account-how-you-can-save-money-with-and-profit-from-it/#comment-21886 How is the HSA account handled after you leave your job? Can these funds be rolled over? Removed with a tax/penalty? Retained for other health insurance espenses? How is the HSA account handled after you leave your job? Can these funds be rolled over? Removed with a tax/penalty? Retained for other health insurance espenses?

]]> By: Randallhttp://www.thesunsfinancialdiary.com/health-care/health-savings-account-how-you-can-save-money-with-and-profit-from-it/#comment-21870 Randall Fri, 07 Sep 2007 12:17:49 +0000 http://www.thesunsfinancialdiary.com/2006/12/27/health-savings-account-how-you-can-save-money-with-and-profit-from-it/#comment-21870 I like HSA's because the family right now is relatively healthy, and we can afford regular doctor visits w/o having to use the money in the account. That allows it to grow and grow tax-free. I've read a number of horror stories about retirees going back to work just to buy their medicine and I don't want that to happen to me and the wife.I figure if I can put into it now, and it grows for 25-30 years, that should cover anything other than catastrophic medical expenses by the time I'll need it. I like HSA’s because the family right now is relatively healthy, and we can afford regular doctor visits w/o having to use the money in the account. That allows it to grow and grow tax-free. I’ve read a number of horror stories about retirees going back to work just to buy their medicine and I don’t want that to happen to me and the wife.

I figure if I can put into it now, and it grows for 25-30 years, that should cover anything other than catastrophic medical expenses by the time I’ll need it.

]]> By: JBhttp://www.thesunsfinancialdiary.com/health-care/health-savings-account-how-you-can-save-money-with-and-profit-from-it/#comment-21866 JB Fri, 07 Sep 2007 11:07:23 +0000 http://www.thesunsfinancialdiary.com/2006/12/27/health-savings-account-how-you-can-save-money-with-and-profit-from-it/#comment-21866 Just be sure not to confuse an HSA with a FSA (Flexible Spending Account). FSAs are subject to the "use it or lose it" rule! Just be sure not to confuse an HSA with a FSA (Flexible Spending Account). FSAs are subject to the “use it or lose it” rule!

]]> By: MossySFhttp://www.thesunsfinancialdiary.com/health-care/health-savings-account-how-you-can-save-money-with-and-profit-from-it/#comment-21313 MossySF Mon, 03 Sep 2007 08:50:42 +0000 http://www.thesunsfinancialdiary.com/2006/12/27/health-savings-account-how-you-can-save-money-with-and-profit-from-it/#comment-21313 My company just switched from a traditional healpth plan to a high deductible plan. Basically, the premium difference pays for fully funded HSA accounts for every employee with leftover savings. For a family, the funded amount is greater than the plan's max out of pocket so there is a guaranteed surplus no matter how big the medical bills are. Single people have a max $650 liability but single people are usually young and will rarely have big medical bills. My company just switched from a traditional healpth plan to a high deductible plan. Basically, the premium difference pays for fully funded HSA accounts for every employee with leftover savings. For a family, the funded amount is greater than the plan’s max out of pocket so there is a guaranteed surplus no matter how big the medical bills are. Single people have a max $650 liability but single people are usually young and will rarely have big medical bills.

]]>