Originally Posted by
dualinput
I’m actually thinking about switching from the HRA to the HSA. HSA premiums stayed the same this year and the HRA went up 6.5% so the gap has closed a little on price. I have over $10k in the HRA but I’m thinking about letting it go to get into another retirement vehicle line the HSA. Decisions decisions.
that’s what I was thinking as well…. I do have a large HRA balance. But from researching a bit a HSA is better than a Roth IRA and there are no income limits to contributing to a HSA. So I’m willing to just give up the balance in the HRA.
the drawback is the first year or two on the HSA. You’ll need to have ready access to cash to cover the out of pocket maximum just in case. But once you have the OOP covered you’re basically putting in contributing 7300 pretax every year into an account that is tax free when you take a distribution. You and your spouse can make catch up contributions when you get old and crotchety. / about to croak. so 7300 x 20 years is 146k in a tax free account that you take with you when you leave spirit. With spirit giving you 40k of that balance.
Get the limited FSA to cover dental and vision expenses.