Health Savings Account-Health Savings Account Info

QueAndAy asked:


I retired about a year ago. Since I’m too young for medicare and I didn’t have retirement health care coverage from my job, I decided to have a high deductible health savings account (HSA).

I know that for the HSA contributions, I can save what I contribute and let it grow (like an IRA), or spend it on eligible medical expenses but was curious as to what other HSA folks do with their contributions.

If you have a HSA, do you save the contributions or spend it?

I would like to save mine and let it grow since now retired, I no longer have an IRA to contribute to. However, I have racked up some medical expenses I’ve covered out of my own pocket over the last year.

thx for your answers.
Hi Kim~

To clarify..

If your account zeros out each year, I think your account must be a FSA (flexible spending account) rather than a HSA.

One advantage of a HSA is that the contributions accumulate from year to year. Another is the portabliity as an HSA isn’t tied to a company or employment as a requirement.

Thanks for your answer.

Margarito Blancarte

Dr Jello Doctor of Science asked:


I’m old enough where I got my kids through school, have the home and cars paid off, have no debt and a good savings account.

The only reason I’m still working is to insure I have my health insurance.

So would it be wrong of me to wait until Obama passes national health care then quit my job?

Since I would live off my savings, I would have no income, I could collect foodstamps and get others to pay for my health care. With all the free time I have, I could make regular trips to the doctor to get all these little things taken care of.

Would it be morally wrong of me to take advantage of the system, or would I be justified since I worked hard all my life and this is what the gvmt owed me?

If the people wanted to provide me this care, would it be insulting to refuse it?

What are your thoughts?

Rolland Feild

Life Retreat asked:


Health Insurance quotes and information. Get an instant health insurance quote for individual health insurance, Health Savings Accounts (HSAs) or Medicare …
http://teenproxy.cn/health-insurance.html

Colleen Coleman

delectable asked:


What if America had universal health care available, but something like vouchers for people who have a problem with universal health care? For example, if someone didn’t want to pay for an insurance system that covered specific procedures, they could apply for a voucher. Or if they thought they could get a better deal from a private company/HSA. That way, everyone would be paying an equal amount, whether it’s in taxes or to a private company/health savings account/etc. It seems to make so much sense because the government could afford to cover a lot more so private companies would have to cover a lot more to compete, and private companies would have to sink or swim, so they already have the incentive to compete when the gov doesn’t. So each makes the other compete more, and we would get rid of a lot of the problems that we have with insurance companies that are provided by employers. It just sounds so simple, what are the arguments against it?
I ask because I’m generally against health care, but being in nursing school has made me realize that it’s the hospitals (and ultimately the sick people who have health insurance) who pick up the tab when someone requires treatment but cannot pay. I don’t like full universal health care, and I don’t like using government services in general because they tend to take their jolly time and leave people waiting. For example, I remember waiting ages when I went to get my driver’s permit/scheduling a license test, what if time was important?! But there has to be a better system than we have now?
I meant “generally against universal health care” lol.

Darrell Thornbury

j9king asked:


Can I use it as a deduction

Elden Sheaks

Blanche asked:


Hi, I just started a really stable job back in January. I am 31 years old and a widowed mother of 1. For every hour worked, my employer puts in $3.01 into my 401k. I have decided to forego my company’s health insurance until the next open enrollment in December so that I can use my money to pay off some bills and get some stuff for the house. When that is accomplished, I will take 3.00 of my hourly wage to add to my 401k, so that would be $6.01 for every hour I work going into my 401k. I just joined my company’s credit union by opening a savings account because I know they have excellent rates and I also have a checking account with BOA. So my question is, I want to sock away an extra $500 every month into some type of investment but I am clueless as to what I should invest in. Should I just put this in my savings or something else(CD, money market, etc). I want the greatest ROI of course.
ThomasK,

Thanks for the response. So do you think I should maintain my relations with the credit union too? After all, credit unions are touted as being better than banks.
So if I were to open up a roth ira, would the money be deducted from my paycheck, or would I have to physically go in to one of the investment branches and give it to them? Also, what is the difference between roth ira and roth 401k. Bettter yet, what does “ROTH” mean??? Sorry if these questions seem stupid.
Maddrealist,

Yes, the insurance my company offers is expensive. Coverage for my daughter and I will run a little over 400 per month. I consider that expensive. LOL
Dave W,

The company I work for has a mandatory 401k plan that they put money into for me so I can’t close it out. But if you say that a Roth IRA is better, then if I was to ever leave my job in a few years, would it be possible to roll over this company’s 401k into a roth IRA? And what is the difference between a roth ira and a roth 401k?

Archie Hochhauser

Joe asked:


So here’s the basic story: I’ve had health insurance for my whole life, except for these past several months. Unfortunately, for me, I have fell terribly ill in this time. I don’t know where to begin with health insurance, but even worse, I have no money either. I have $750 to my name in my savings account. In the fall, I’ll be a full time student and I’ll have health insurance because of that. But, in the meantime, I need to get some coverage right now for a couple of months. Does this type of thing exist? How much money would it probably cost me (roughly). Will they do a thorough check up on my health before they give the insurance? Please, anything you can tell me about the whole process and anything else would be appreciated. I desperately need insurance, and I need to see a doctor. I’ve become so disheartened and ashamed to be an American with the health care system we have (I know that’s neither here nor there, but I figured I’d get it off my chest). Oh yeah, I am a twenty-one year old male. Please, any help will be appreciated.

Moon Wassenaar

Alex Smirnoff asked:


Democrats are uniting around proposals to vastly expand federal regulation of health insurance, require everyone to have coverage, and compel employers to provide federally prescribed insurance or pay a new tax.

GOP introduced its own plan, that provides a path to universal coverage by redirecting current subsidies for health insurance to individuals. It also provides a new safety net that guarantees access to insurance for those with pre-existing conditions.

The nexus of their plan is redirecting the $300 billion annual tax subsidy for employment-based health insurance to individuals in the form of refundable, advanceable tax credits. Families would get $5,700 a year and individuals $2,300 to buy insurance and invest in Health Savings Accounts……

http://online.wsj.com/article/SB124277551107536875.html

Lashanda Liukko

heathernw18 asked:


I just recently found out my husband and i have a health savings account. It has $326 in it. I have a $900 medical bill which I am assuming contributed to the amount that is in the account. My question is.. if I use the $326 to make payments on my $900 medical bill is it going to effect me while doing income tax. Am I going to have to pay taxes on it? Thanks
Hehehe on the silly.
The medical bill is due. I make monthly payments on it. =)

Matthew Ryman

vmsergei asked:


Just recieved it for my health savings account & really not sure what to do with it? Thanks!

German Hanscom