Author Topic: Navigating Healthcare Expense *possibly*. Contributing to SEP/401K for 2019  (Read 922 times)


  • Pencil Stache
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  • Age: 31
Hi all. So I have a few decisions I need to make by end of year.

The first is whether I should switch to a PPO plan vs HSA. For background-i'm 27- 4th month on this job.\. Fairly healthy. I recently tweaked my knee in sport and I'm suspecting I'll need a MRI/just to check. I'm considering switching to a PPO if there is anything more needed in 2019/getting a MRI on my ankle as well (wrestling is a pain sometimes) but was wondering if there is a calculator of the potential gains in the HSA contribution max remaining and paying out of pocket? The HSA is 192+3500/contribution per year. The ppo is $245 with 10% of most services up to deductible. The MRI cost $380 out of pocket/not using insurance plus whatever I can get a doctor to see me for (which isn't bad). Ideally I'd get my ankle checked and my other knee (another 760) but that can wait.

The issue I have is I have already put in 1166.66 for the year (planned on maxing in 3 paychecks for 2019). As it's prorated if you switch plans; I'm already over my limit for 2019 if I do. Anyone know the process of if you can pay taxes/withdrawl hsa overage contributions to still complete a plan change the next year? If not I'm stuck a bit.

2: how to contribute to my 401k/SEP for 2019.

Prior to this year I was self-employed. This year I've held 2 jobs (one for 6 months, one for 3 and will be here until the indefinite future).

I have a fair amount of cash/liquid right now to invest in a 401k/retirement. I am offered one by my employer-no match currently. After my healthcare and hsa paycheck deductions I get around 3200 left to allocate to the 401 (possibly). My thought process was I have 2 paychecks in 2019 left to allocate-which is a max of like 6400 (a far cry from the 19k max) for 2019 (*edit actually contributions to a 401k are pre tax so more like $4057 bucks or so PPC if my math is right). I was self employed during 2019 and made around 20k (not counting mileage deductions and such). I was hoping someone on here could enlighten me on the best path.

I'm wondering what SEP retirement option is tax advantaged (if any) . I could roll the SEP into my employer offered fund for 2020 (I plan on maxing it next year and may do around 5-10k self-employed but don't have the capacity at the new job)

TLDR;  I'm not well versed in how the self employed retirement accounts are advantages/can be used to be rolled into a 401k employer offered.

Numbers as follows because numbers matter:

Assets/cash flow: Income: $4300/month take home (not including HSA/healthcare deductions) Cash/liquid: 72000 House equity (currently for sale): 100k Roth IRA: 34000 (need to put another 1200 in to max this year)

Expenses: HSA (now offered): will be maxed for 2019 at $3500 (1166/pre tax put in)+190 a month Rent: 750/month Mortgage at other house: 700/month (plus prop taxes)

Debt: None