Originally Posted by
sinca3
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?
I'm with you. I'd rather go with the HSA and we have the savings this year to do so plus we can do payment plans.
FWIW, I'm on the Gold HRA and we racked up $30K in hospital stays, $1700 x 2 in ambulance rides and a lot of doctor visits. We applied some cash but then went on 0% interest payments with the hospital. I'm sure we could do that again and apply as much cash as we're comfortable with and then go on payment plans.
/Researching