Author Topic: Help with HSA!?!?!?!?  (Read 1543 times)

Kjmiller1984

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Help with HSA!?!?!?!?
« on: November 09, 2015, 08:23:18 AM »
It is time to choose insurance plans at my wifes work. She works for the county so we always go with her insurance as it has lower premiums for better coverage. I just want to make sure we are looking at it right. They offer a HDHP that has an out of pocket max of 5200 for family. The county gives 2k to anyone who signs up for this plan to put in their HSA. The HSA is through UMB bank, they have horrible fund selections with either big front loads, or HIGH expenses or both.

1. My questions are, if we do the HSA and max the amount a family is allowed to put in for 2016 that is 6,750 right?
2. So if the county is giving us 2k to put in the HSA then our out of pocket max is really 3,200 right?
3. We can still pay for expenses out of pocked and be reimbursed from our hsa at a later date right? even years later as long as we keep receipts?
4. To me this sounds like a no brainer as they give us 2k and our out of pocket max is 5,200 vs the hmo with an out of pocket max of 13k, am i looking at this wrong?

Cromacster

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Re: Help with HSA!?!?!?!?
« Reply #1 on: November 09, 2015, 08:44:31 AM »
For the most part what you have said seems right.

1. My questions are, if we do the HSA and max the amount a family is allowed to put in for 2016 that is 6,750 right?
Yes, but that is the max, including employer conitrbutions.  So you need to contribute 4,750 plus the 2,000 from your employer.

2. So if the county is giving us 2k to put in the HSA then our out of pocket max is really 3,200 right
I suppose that's one way to look at it.

3. We can still pay for expenses out of pocked and be reimbursed from our hsa at a later date right? even years later as long as we keep receipts?
This is the route that I and many others take though I haven't been any near my max out of pocket.  If I can afford to, I pay out of pocket and let the HSA grow.

4. To me this sounds like a no brainer as they give us 2k and our out of pocket max is 5,200 vs the hmo with an out of pocket max of 13k, am i looking at this wrong?
It can vary by individual.  If you have major known events coming up, like having a baby, it may be worth it to compare how much it would cost with HDHP vs the other.


Cromacster

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Re: Help with HSA!?!?!?!?
« Reply #3 on: November 09, 2015, 08:51:17 AM »

Kjmiller1984

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Re: Help with HSA!?!?!?!?
« Reply #4 on: November 09, 2015, 08:58:21 AM »
I really didnt try to post 3 times, i hit post, it spun for a long time and never looked like it finished. I went back to the ask a mustachian main page and didnt see my post after a refresh, so i tried again, same thing the second time.