Health insurance

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10-14-2021, 10:34 AM

foumanchu

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Health insurance

Looking for people’s experience with the different health insurance options offered through AA. I know there is a new Plus plan being offered as well and how that might that be a better plan.

Thanks for any insight.

10-14-2021, 06:35 PM

Andrew_VT

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Unless you use an above average amount of health care the right choice is usually the core plan. Then it's highly recommended to max out the HSA (2022 limit of $7300)

10-14-2021, 06:48 PM

Dumpy

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Quote:

Originally Posted by Andrew_VT

Unless you use an above average amount of health care the right choice is usually the core plan. Then it's highly recommended to max out the HSA (2022 limit of $7300)

+1. HSA is a hidden gem. Actually, even if you are above average user of healthcare you’re probably better off. HSA is completely pretax. Add the tax savings to lower premiums and you’ve got to be way up there in medical expenses for high deductible/maxxed out HSA to not be the cheaper option in the long run

10-15-2021, 07:42 PM

Dobbs18

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Quote:

Originally Posted by Dumpy

I believe the HSA is TRIPLE tax deferred....contributions, growth, and withdrawals....it really is a great thing, and whatever you can afford to put away in it is highly suggested by alot of financial gurus.

10-16-2021, 05:19 AM

TallFlyer

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Is the HSA the account that lets you roll over the balance? We have a FSA at my WO that one has to use the balance every year.

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10-16-2021, 05:50 AM

Dobbs18

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Quote:

Originally Posted by TallFlyer

Is the HSA the account that lets you roll over the balance? We have a FSA at my WO that one has to use the balance every year.

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Yes. And HSA rolls over any unused money to the next year...It is exactly what its name implies a savings account, with growth.this kind of explains it.
https://www.nytimes.com/2021/03/19/business/health-savings-accounts-tax-break.html
The article mentions that if you live in CA or NJ of course they will get you by treating an HSA as capital gains(just another reason to not live in these states).

10-16-2021, 07:33 AM

AllYourBaseAreB

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If you have an HSA, if at all possible, never spend money from it until retirement. Take a loan from your 401k before spending an HSA dollar. The tax savings on growth of 20-30 years is huge