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Need Health Insurance Advice

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wyclef
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Need Health Insurance Advice  Reply with quote  

Hey folks, got some questions. My Health Insurance plan was phased out and now I've got one with a $600 deductible but it's not a hi deductible plan so I can't set up an HSA and am not wanting to set up an FSA because of the use it or lose it policy. Wondering what other options I would have to set aside the money every year besides a savings account.
Post Mon Jan 06, 2014 5:41 pm
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clydewolf
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Re: Need Health Insurance Advice  Reply with quote  

quote:
Originally posted by wyclef
Hey folks, got some questions. My Health Insurance plan was phased out and now I've got one with a $600 deductible but it's not a hi deductible plan so I can't set up an HSA and am not wanting to set up an FSA because of the use it or lose it policy. Wondering what other options I would have to set aside the money every year besides a savings account.

Why not take the FSA option?
Your Contributions are not taxed.
Even when you do not use all of your contributions you may still be ahead. Suppose you are in the 20% tax bracket. You contribute to the FSA $100. You reduced your tax bill by $20. From your FSA, you use $90 of the $100 you contributed leaving $10 in the FSA. You are still $10 ahead.

And you determine how much you want to contribute. So look at last year's expenses for qualifying FSA costs. Then commit to contributing 75% (or whatever you are comfortable with) of last years expenses.

Some FSAs allow a $500 carryover to the next year.
Post Sun Jan 12, 2014 9:09 pm
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coaster
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Thanks for that post; I noticed last night the OP hadn't been answered yet. Cool

~Tim~
Post Mon Jan 13, 2014 5:46 am
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perkinsilas
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Generally, Health insurance is a contract between you and your insurance company. You buy a plan, and the company agrees to pay part of your medical costs when you get sick or hurt.




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Post Tue Sep 30, 2014 11:49 am
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fortenmerd
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Insurance offers you financial coverage from different risks that you face in life like losing a member who is the bread winner for the family. In these situations, Insurance will be helpful us a lot in the view of financial support.






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Post Wed Oct 22, 2014 6:47 am
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