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High-Deductible Health Plan (HDHP) and Health Savings Account (HSA) Basics
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- Опубликовано: 18 авг 2024
- A Health Savings Account (HSA) is a tax-free account that can be funded by both employer and employee. Employees own the HSA and can use it for current and future medical costs. Discover what a High-Deductible Health Plan (HDHP) is and how it works with an HSA.
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thank you, I have been researching and reading about HSAs a I now have this option and need to choose soon. This video really helped break it down for me in super clear layman's terms.
+katrinafasho Glad we could help clarify things for you! -Spencer, Wellmark Social Media Team
One of the best videos on HSA. Great job!
Now it's come to the point of playing tug a war with medical expenses vs the IRS taxing you. Dam, the health system in the country just gets more and more F'd up!
Ridiculous
Great video! Very to the point and reinforced with easy to understand examples!
So helpful! Literally the easiest video to understand. Thank you!
Nice! it makes sense now.
Short video explained & clarified very well👍
A $2000 Deductible for a HSA Plan? In what marvelous dreamworld does such a low deductible exist for a Bronze Plan?
You're looking at around $6500 deductible in Oregon, and its been that way for years (before Obamacare).
Watch out for the FEES! On my HSA the mandatory annual fees range from 3% to 7% and that's just administrative fees, not including more fees to invest the funds. So sure put lotsa money in and watch the HSA administrator company suck it out of your account.
easy to understand! great video thank you
+Son Hyomin Thanks for letting us know your thoughts! -Spencer, Wellmark Social Media Team
Great video - thanks for sharing!
Well explained .Hats off to you
So do you have to pay the monthly premiums as well?
Meaning pay the monthly premium + put the money into an HSA account.
Thats correct. Like the video states, having an HSA means you have to a high deductible plan. Having a high deductible means a lower monthly premium.However, this might not be so beneficial depending on what your medical needs are. If you require constant medical attention, having a high deductible may not be your best bet.
Nice one, its explains very clear Thank you
So an HSA is like an investment vehicle (generally speaking) that gains interest? We can withdraw only for medical expenses but the balance continues to grow as an "investment?" And how does turning it into a Retirement work if I have a large balance say at 65 years of age or what is the earliest I can switch over? Thank you! New to this HSA stuff.
Very informative. Thank you!
+Tryton D You bet! Glad you enjoyed the video! -Spencer, Wellmark Social Media Team
Wow. This is so bizarrely convoluted. In Europe, Canada, Australia, etc. this is all so disturbing. Most first world countries don't need to worry about this, they simply pay taxes and are fully covered regardless of what happens. I don't understand why the American people don't demand better.
Thanks! Very clear
Down part about this vid it skips how much in net you would gain every pay check. Correct me if im wrong but, you would end up with 3800 (taxable still) 3800-950 opps! Yes you would save on saving account but you would loose your net…
Thank you for explaining this, very helpful. I guess I signed up for it at work and just got the card in the mail. I though it was junk mail.
I had a deductible once, so I paid more for the plan with a lower deductible. I never got charged anything out of pocket except copay for regular visits. Also, HSA plans are mutually exclusive from non-HSA plans (you can only pick one) - but is HSA a normal insurance, do you only get whatever you have in your account? This shit is insanely confusing to me.
Lets say you never visit the doctor not even once that year... In that case you just need to pay the monthly cost and 0 deductible correct?
+Zhehan Huang I recommend reaching out to a local agent! They'll be able to walk you through the intricacies of each different plan. You can find one near you by visiting www.Wellmark.com! -Spencer, Wellmark Social Media Team
Yes, you are correct. But, keep in mind that you can actually go to the doctor for an annual wellness exam, vaccines, etc, and the insurance typically covers that at 100% too. You would only pay for non-preventive services you receive.
+Wellmark Blue Cross and Blue Shield gsgs
Thanks
Is this worth getting it? Serious question ?
It depends. There are some folks who are young and healthy who mostly use it as an investment (for the long term) and not as much for medical bills. They pay out of their pocket and keep the receipts for further tax money. It depends what kind of plan your employer offers. Sometimes a HSA, depending the employer plan, have higher deductibles more than PPO, but employer pays for a portion of that deductible and once the deductible is met the insurance covers 100% after that. No coinsurance or copays if that deductible is met before the end of the year. General rule is that if you are healthy use the PPO, but if you need a surgery or suffer from an illness that needs hospitalization or outpatient surgery, HSA would be the one to go.
Can self employed people use this type of plan? and can you pay for insurance premiums from it to realize the tax savings for that expense?
Hi, I have a question. If my employer didn’t offer a HSA and I chose to open one outside. The money in my bank that I contribute to my HSA already been taxed. Can I get tax deductions in the end of the year?
i'm trying to enroll in HSA eligible insurance. How does "premium pass through" work? does the insurance company contributes premium automatically into HSA account??
Hi June,
That was my understanding but from what I read it depends on the plan type and the employer. I know most gov related benefits for employees have thus feature. Since you posted this comment a year I'm curious what you learned about this.
Thanks.
thank you
High deductible is great when you can afford every month plus with medication cost.
Nice vid, though your tax calculations aren't correct. 25% would be your marginal tax rate. The whole paycheck wouldn't be hit with 25%.
True but it’s a bit misleading.
How do I invest the money from HSA , can I roll over to my Roth IRA ?
You are allowed one time $1000 contributions from Roth to hsa and its tax deductible.
What if you never use money in the account? Can it be withdrawn at a certain age without fees?
Age 65
They missed that if you use the money past 65 for non medical that taxes will need to be paid
People are angry at the GOP Healthcare bill, but here is an example. For me, age 24 with good health, to get an HSA approved health care plan it would cost me $175 a month. The GOP plan gives $2K a year in tax credits for healthcare, getting higher as you age. That comes out to be $166 a month. With me paying $11 myself. Yes, that is a high deductible plan, but here is where the HSA comes in.
That $11 is from my after taxes income. Before taxes I can, for example, chose to save $280 a month of tax-free income. At the end, I save money on taxes, get an insurance plan that covers emergencies, and have $4200 in my HSA after one year. Which gains interest and some companies allow you to invest in stocks with that money, potentially making you gain or lose a lot of money.
Let's say you start working full time at 22, and for eight years you stay healthy and don't get into an accident. By the time you reach 30 you have 33K in HSA, not counting the interest. Or minor expenses along the way. You can see that adds up faster over the decades. And yes you have a deductible but after that your insurance kicks in. So you don't get the full blunt of a medical expense.
And the final point is the mindset. Since you are pretty much paying out of pocket for most medical expenses, you would shop around. Demand to know prices and quotes. And compare. That should lead to lower cost inflation.
Now, this does not really help the super poor, the disabled, or people born with diseases. But a simple program of the government filling up the HSA for some people can help with that.
The problem is that there is a lack of transparency when it comes to medical expenses, so it's not as easy as "shopping around" for the best deal. Plus when it comes to health services, demand is very inelastic, especially when it comes to procedures and surgeries. One doesn't have the convenience of going from hospital to hospital pricing procedures. First, the doctor has to be in your insurance network to get the best price. Second, a lot of times, health procedures are time-sensitive. So you can't just wait for the price to fall or hold out a few months. It's not like buying products on Amazon.
So how much net you gain??? 😅
Best thing to do would be to -
A.) Open a bank savings account separate from one you already have currently.
B.) Designate a small percentage to the account each paycheck automatically.
This essentially gives you the same "benefit" (if you want to call it that), however you don't lose your money. You just need to be diligent and disciplined as not to touch the money of course.
and you still pay taxes for it. HSA would be a way better option
the tax charged on the small potatoes you'd make in saving interest would be pretty small unless you had BIG money in there, and in that case, you just "Trump loophole" your money lol
HSA is better than traditional insurance, but the best option is a raw savings account. You're still paying a deductible for HSA, and for most people that premium is going to be higher than the taxes you'd pay on a normal savings account. The only drawback to savings is if you don't have enough money saved by the time something happens, but at the end of the day, the average person is going to pay significantly more for any insurance.
Noooo you lose your 3 tax advantages this way, HSA is a better option to go for sure
No tax on qualified medical expenses
No tax on growth (investing)
No tax on contributions “possibly the better advantage out of the 3”
Savings account are funded using after tax dollars but will pay taxes on interest you earn, if you use this to pay deductibles you will pay principle plus tax which hurts if it’s a lot. Also your money is usually not beating depreciation where as HSA money can be invested to grow “not guaranteed gains” but they are usually mutual funds which are typically somewhat safe “the options they have”
Also you can deduct any contributions YOU made out of your own pocket to an HSA “not funded through cafeteria plan” for the year. So let’s say you owe 1000 in taxes and you are eligible to have an HSA then so long as your under the contribution limit you can contribute and deduct the amount, sort of like a tradition IRA, so that you can bring down what you owe on tax if not receive on taxes
This is the worst thing you could do lol. You would lose so much money in the savings account just on inflation. I would personally let as much roll over each year as I can and as soon as I hit the minimum to start investing I would put the HSA funds into an index fund until retirement and let it get about 7-8% return with compound interest!!
😇😇
insurance company's like you need to educate your customers about preventive care. Preventive care is only a doctor running simple lab test and simple questions when you the patient ask for prescriptions and or consults. Your insurance will not cover this. Why cause it's not "preventive" it's "current" this may be obvious when say it it in words, but it is not, the number 1 complaint clinics like mine is this... and it all because YOUR insurance doesn't care to educate you about this. Because it sound better on paper to say you have one free office visit... You dont
Try a 6500-7000 dollar deductible
Lol the greatest country in the world..in Africa it cost me a dollar to do a fracture surgery. What a rip off !
Why can’t healthcare just be free 🙄
Nothing in life is free