Intro and question about HSA

[ptricky79]

Hey guys,

I've been looking over the forum and website the last month or so and I'm ready to start taking action. Wish I had got into this when I was younger (43 now) but better late than never.

Anyway, I'm looking over the suggested investment order and I see the HSA all the way at the top. I currently have a low deductible($500) insurance plan(kaiser) from my work so I don't think I would qualify. Am I correct? If so, open enrollment is coming up in November and I see there's an option for a higher deductible Kaiser plan ($1500). Could I get an HSA with that plan? If not, what should I do?

Much thanks!

[MDM]

ptricky79, welcome to the forum.

The $1500 deductible (assuming that is for a single person) meets one of the criteria for a High deductible health plan (HDHP), but there are additional tests.  Insurance companies usually make it very clear if a particular plan fully qualifies as an HDHP - check with Kaiser on that.

Assuming you have the choice, you should compare the HDHP/HSA option against whatever non-HDHP/FSA option(s) you have, perhaps using a comparison tool such as  Health Savings Account (HSA) vs. Traditional Health Plan and/or the 'HDHP Analysis' tab of the case study spreadsheet.

Depending on your particular situation, the non-HDHP plan might be better.  But if the HDHP/HSA combination is your best choice for health insurance, then it does merit its high location in the Investment Order.

If you go with the HSA, see How to use the plan for details.  Good luck!

[ptricky79]

ptricky79, welcome to the forum.

The $1500 deductible (assuming that is for a single person) meets one of the criteria for a High deductible health plan (HDHP), but there are additional tests.  Insurance companies usually make it very clear if a particular plan fully qualifies as an HDHP - check with Kaiser on that.

Assuming you have the choice, you should compare the HDHP/HSA option against whatever non-HDHP/FSA option(s) you have, perhaps using a comparison tool such as  Health Savings Account (HSA) vs. Traditional Health Plan and/or the 'HDHP Analysis' tab of the case study spreadsheet.

Depending on your particular situation, the non-HDHP plan might be better.  But if the HDHP/HSA combination is your best choice for health insurance, then it does merit its high location in the Investment Order.

If you go with the HSA, see How to use the plan for details.  Good luck!

Awesome! Thank you

[Dulcimina]

Does Kaiser contribute to the HSA? I have a GEHA HDHP.  My deductible is $1500, but GEHA contributes $900/year into my HSA.  That's part of the reason why an HDHP made sense for me.

[darknight]

Hey guys,

I've been looking over the forum and website the last month or so and I'm ready to start taking action. Wish I had got into this when I was younger (43 now) but better late than never.

Anyway, I'm looking over the suggested investment order and I see the HSA all the way at the top. I currently have a low deductible($500) insurance plan(kaiser) from my work so I don't think I would qualify. Am I correct? If so, open enrollment is coming up in November and I see there's an option for a higher deductible Kaiser plan ($1500). Could I get an HSA with that plan? If not, what should I do?

Much thanks!

Licensed agent here, not currently working in the field - Ask if it is specifically and HSA plan. Not all high ded. plans qualify for an HSA. I love HSA plans and advocate for them all the time. Guaranteed we'll pay monthly premiums, not deductibles/copays/service. Minimize the mandatory payment (monthly premium) and take a tax advantage of using an HSA. Ask your HR about it, and they can help set up your HSA bank account administrator and take a % out pre paycheck deposit.
HSA's don't go away, they accumulate year to year, FSA do go away. HSA for the win!!

[ptricky79]

Does Kaiser contribute to the HSA? I have a GEHA HDHP.  My deductible is $1500, but GEHA contributes $900/year into my HSA.  That's part of the reason why an HDHP made sense for me.

I don't think so but I'll find out soon.

[ptricky79]

Hey guys,

I've been looking over the forum and website the last month or so and I'm ready to start taking action. Wish I had got into this when I was younger (43 now) but better late than never.

Anyway, I'm looking over the suggested investment order and I see the HSA all the way at the top. I currently have a low deductible($500) insurance plan(kaiser) from my work so I don't think I would qualify. Am I correct? If so, open enrollment is coming up in November and I see there's an option for a higher deductible Kaiser plan ($1500). Could I get an HSA with that plan? If not, what should I do?

Much thanks!

Licensed agent here, not currently working in the field - Ask if it is specifically and HSA plan. Not all high ded. plans qualify for an HSA. I love HSA plans and advocate for them all the time. Guaranteed we'll pay monthly premiums, not deductibles/copays/service. Minimize the mandatory payment (monthly premium) and take a tax advantage of using an HSA. Ask your HR about it, and they can help set up your HSA bank account administrator and take a % out pre paycheck deposit.
HSA's don't go away, they accumulate year to year, FSA do go away. HSA for the win!!

Thanks! I'll call HR and see what they say.