Originally Posted by
gr8vu
I am tricare as well and the internet research I did in indoc stated that tricare is not considered a high deductible program and therefore the IRS does not allow us to do an HSA. I originally wanted to use an HSA to pay my annual premium and potential copay.
There is a delta option for a tricare supplement but based on my situation it didn't make much financial sense for my family and current access to healthcare.
Same conclusions. However, you can use a FSA, similar to an HSA in that it is pre tax dollars. Which you can then use for just about ever medical expense (dental/med copays, glasses, scripts, etc). Based on your tax situation, can work out to about 30% savings on anything you pay.
Gotchas:
- This is my first year, I could be completely wrong
- Seems like a bit of a pain to use as you have to file a claim for each use (it's all online, but still)
- You can only put a certain amount in, $2500/yr I think
- It's a spend or lose kind of thing, while you can carry $500 forward to next year, anything else unspent is lost.
As far as tricare, I use standard for it's flexibility (family has been on standard for years). As long as I spend less than 1600ish a year on healthcare, it's cheaper than prime. Either way, the FSA will help lesson the blow.
Feel free to shoot holes in my theory.