Health Savings Account-Health Savings Account Info

Andrew asked:


I currently add money to my savings account to just save up every now and then. But, I have no intention of touching that money for awhile. Is there a way I can invest in something that will be more beneficial than a savings account?

I know someone who said a Roth IRA would be a good idea, but I am in college and will probably switch banks a few times in my life and don’t want to be locked into any bank with an account.

Jamie Bredeson

Geochicano asked:


How can i open a savings accoun, what are the requirements i have to meet, and what are the benefits of havign a savings account?

Parker Chandler

master343 asked:


I graduated last year and started full-time job. My employer does not offer me 401k for the first year and it may take longer for me to qualify should I change job.

I got some credit card debt to take care off, around $2000 I acquired from college (no part-time job last year, and living expenses + books). I pay around $300 each month for cc and don’t make there any more purchases.

Then I set up online regular savings account (1%) where I put off $200 monthly for a pleasure in the next month (few days vacation in Florida).

I also set up Health Savings Account (since I have high deducible health insurance through my employer) and anticipate medical expenses for diagnosis. It may cost me $2000 just to do MRI heart scan but its important and hell no way my cardiologist did want me to do this if she thought if it was optional.

I also got student loan to pay off and need to pay off some soon, so I make more than minimum required.

I make 42000 a year, have $70,000 ($22,000 of that federal) student loan debt and $2000 in credit cards. I only chose graduate plan and pay only minimum for federal loan, since I am not worried to much about it.

Then it comes to IRA. I would prefer to start investing early, but I can’t afford to make maximum contribution ($5000) yet, I think. But I would set up traditional IRA to take advantage of tax deductible and credits. Once I get 401k can I rollover my money from IRA? Or perhaps roth IRA is a better option?

P.S. My family, parents pressure me to buy new car (since my old may break sometimes) but I want to do medical tests first. Its sad that my family including mom has reverse priorities. IT was same in college when I wanted to get a better health insurance through my school (and did not make enough money from my part-time job) for chiropractic (to work on my posture) but she refused and later used that money to purchase new furniture for my room
For now I live at home, but I plan in few years to move out. I don’t want to get stuck with my parents for too long.

Haley Binkley

Cowboy’s Sweetheart asked:


I’m 63 and live in the USA. I’ve got $100,000 to invest(savings accounts paying nothing interest I cashed in). How can I invest it to get the most at the least risk? I know it’s not going to make me wealthy. I have a house that’s paid for and no debts and no health problems.

Refugio Orea

pea in a pod asked:


Hi, I’m a junior and my total debt for undergraduate may be 23k

I have 2 scholarships & $2,000 in AmeriCorps scholarship I’m saving to pay toward loans. I had two other state scholarships but Michigan can’t afford to pay it.

I’ve always held 2-3 jobs (low paying) during the school year/summer while I go to school full-time but it’s not enough to pay for rest of tuition, living expenses, gas to go to my jobs/school (bus is not an option when my life is so hectic & busy), books, clothing, kitchen appliances, utilities, rent, shoes, etc. I’ve worked these jobs since freshman year. I lost Medicaid because I’m 21.

I have no connections to family (prior abuse, wanted me to drop out of college), so I’m on my own living with 2 roommates in a house. I don’t qualify for workstudy anymore because my 4 month internship paid so well for those four months that now my income is “too high” to even get my normal pell grant amount. I feel screwed over. I needed the money to pay for living expenses. I budget and cut back (hunt for bargains, no Starbucks, etc)

I am considering borrowing $500 Federal Perkins Loan to save in a savings account to help pay for health expenses (birth control – menstrual/maintain my weight/acne), doctor’s appointments, pap smear, dental/vision, etc. I am majoring in Communications, minoring in Marketing & getting a PR Certificate. I want to go for my MBA in Marketing later on. Have I been borrowing usefully?

Ferdinand Ravens

DIYguy asked:


Here is the link…

http://www.westpac.co.nz/olcontent/olcontent.nsf/content/Term+investment+rates?OpenDocument&refr=saving

Questions…

1) Is Westpac a sound, reputable bank? … I realize these will probably not be insured, such as American accounts are by FDIC, but the rates look attractive — any reason to doubt the financial health of this bank?

2) Can a U.S. Citizen open such accounts from the U.S., and manage them via online banking? … Or do you have to be a NZ citizen?

3) Any idea as to what kind of currency-transfer fees, currency-conversion fees, foreign-account-holder fees, service-fees. and/or other fees will apply?

4) What’s the long-term outlook for the value of the NZ dollar relative to the US dollar?

5) What about the same idea — Term Deposits or CD’s — via other major banks from Australia, Hong Kong, Singapore, Korea, Taiwan, etc? … How many other countries out there might have attractive interest rates where this idea might be feasible / reasonable for a U.S. citizen?

~Thanks for your answers ~

Carmine Poser

Annie asked:


I’m 62 in good health and single……I have a pension and social security and I’m almost debt free….Savings accounts don’t pay anything anymore and I don’t need to look ahead 15-20 years….So my question is where and how to invest, I have about $1200 a month to invest, so where do I put it?

Tiara Reznicek

tarkwan asked:


It’s open enrollment at my workplace. I’m 27 with three children. Would either of these benefit my family and I. My children have peachcare, but I don’t have health insurance at the current moment. I’ve been searching for a health care plan at a reasonable rate. Any suggestions? Would the HSA do me any good? What about the 401 K? Please give details. Thanks!

Alecia Lane

Bio-SYNERGY asked:


I’m interested in setting up a new Roth IRA each year and putting the maximum amount I can put into it (hopefully $5,000) annually. I’m curious as to which broker to use. Which ones have the best return rates? I am a member of T. Rowe Price and people have told me that Health Sciences is a good pick, but didn’t explain why. I’m planning on retiring at around 60 or so and I’m only 22 right now. My goal is to save $5,000 / year for my Roth IRA’s first and foremost. Then, I will use approximately 60% of my remaining profits to play the stock market and possibly get into Forex Trading (possibly!). Any profit generated from that will be reinvested either in the market or put temporarily into a savings account for the next year (for my Roth IRA). Anyways, since I’m gonna have many Roth IRA’s, I need to know which one is a good pick for right now and why. Also, can I put in a monthly payment on a Roth IRA instead of a lump sum contribution? Thanks!

Mindy Duncan

MooMoo22 asked:


I really need someone who can be serious and give me GREAT advice about investing and money growing. I’m 23 years old. I do have a job and right now I’m holding onto like $120 that is in my bank. I just started working. I’m a HUGE spender and I mean I love to spend. But at the age of 23 …I think I should be saving and investing my money in something. At 23 I need a car, I need to get back in school, I need my own little place that is nice and not raggedy…and also insurance. Medical, dental, health and car insurance. So it will be wise for me to save. But I think saving..will take for ever. I need to find a way to make my money grow. Is there a way I can invest? I have nice clothes and shoes. Can I invest in clothes and shoes. I like to cook. Could I cook and give out food to people?

What exactly can I do at 23? Please no smart remarks. This question is not for immature people who are simple minded and doesn’t take things seriously.

Basically, I have a job. I want to hold on to my money that I put into my savings account and make it grow and grow. I need to understand in how can I invest in the money that I’m saving. Instead of spending it on clothes, shoes and food. Because all I’m doing is eating my money up. And that is why I broke now.

Sophie Pallas