That's quite a nice advantage. Does that coverage, cover 100% of all medical expenses? Zero deductibles, zero out of pocket? If so, is there a monthly cost for that coverage or is it free?
I like the idea of having the triple tax advantage with a HSA but do you think the benefits still outweigh the higher out of pocket costs for a young family when there are very frequent doctor appointments? Or would it be better to wait until appointments become less frequent to enroll? (All of this considering appointments are routine and not to see a specialist)
Great question. What you have to do is the math. You must look at the monthly savings you would be receiving from having the HDHP versus the traditional low or no deductible plan. Then see whether the visits to the doctor are more than the monthly savings. As said in the video, if you are pregnant, planning to get pregnant, or have a very young child with lots of doctor's appointments, a HDHP with HSA may not make the most sense. Every situation is different and you must, "do the math".
I’m 16, and looking to make money online, already watched your video on high yield savings accounts (41k views is impressive) do you know of what limitations I have because I am legally a child? What are the cons, and things I cannot do that I would be able to do if I was 18 in making money online?
Kudos to you for learning about personal finance early! There are a heck of a lot of pros and not too many cons. The two cons I can think of would be the potential effect on financial aid for higher education costs and that you cannot legally have an account only in your name because you are a minor. Whether a retirement account, savings account, UTMA or 529 account it must be owned by a parent with you as the beneficiary at a certain time.
Learn the Secret HSA Strategy here: 👉ruclips.net/video/JDlM0InZwRA/видео.html
I love to, but apparently, I'm not qualified. Can I open one without the IRS finding out?
We don't have an HSA.
We will have a lifetime health coverage
That's quite a nice advantage. Does that coverage, cover 100% of all medical expenses? Zero deductibles, zero out of pocket? If so, is there a monthly cost for that coverage or is it free?
I like the idea of having the triple tax advantage with a HSA but do you think the benefits still outweigh the higher out of pocket costs for a young family when there are very frequent doctor appointments? Or would it be better to wait until appointments become less frequent to enroll? (All of this considering appointments are routine and not to see a specialist)
Great question. What you have to do is the math. You must look at the monthly savings you would be receiving from having the HDHP versus the traditional low or no deductible plan. Then see whether the visits to the doctor are more than the monthly savings. As said in the video, if you are pregnant, planning to get pregnant, or have a very young child with lots of doctor's appointments, a HDHP with HSA may not make the most sense. Every situation is different and you must, "do the math".
I appreciate the response. We will take a closer look at appointment costs and go from there. Thanks Colin!
I’m 16, and looking to make money online, already watched your video on high yield savings accounts (41k views is impressive) do you know of what limitations I have because I am legally a child? What are the cons, and things I cannot do that I would be able to do if I was 18 in making money online?
Kudos to you for learning about personal finance early! There are a heck of a lot of pros and not too many cons. The two cons I can think of would be the potential effect on financial aid for higher education costs and that you cannot legally have an account only in your name because you are a minor. Whether a retirement account, savings account, UTMA or 529 account it must be owned by a parent with you as the beneficiary at a certain time.