Originally Posted by
slowplay
Remember when you do your compare that tax consequences are done in a separate calculator. I initially missed the little blurb:
Additional tax savings for HSA participants are not accounted for in this table. Refer to the FSA/HSA Calculator for tax savings information.
The calculator put me into the gold plan, but after looking at the tax advantages the HSA came out on top when compared to HRA + FSA.
The problem for me using the HSA is I am worried about getting enough "up front" monies in there before it is need. With a family of 5 (2 under the age of 10) we seem to have a vicious cycle of getting each other sick....I'm sick right now! I can't afford to pay all the out of pocket expenses required when medical services are needed. I wish there was a way to pad the account initially (eg. Profit sharing) then continue to contribute monthly.
I've thought the HSA to be the best option since its inception, but have been scared sh##less of another surgery (had that 1.5yrs ago) ambulance ride to the hospital (3yrs ago kiddo) or something similar putting me under financially.
How much tax saving are you figuring using the HSA? Is it yearly or over the life and or in retirement when those monies are really useful?