Quote:
Originally Posted by MS Fowler
A HSA is not a replacement for health insurance. At least in my experience, its a fund to call on for paying out-of-pocket medical expenses--like deductibles, eye glasses and other medical expenses.
The way our company set it up ( Maryland) the employee determines how much he wants in the account, and 1/26 of that amount is deducted for every pay ( bi weekly). The deduction is pre tax, so you get a benefit. The entire amount is available from day one. The only downside is that any money left unspent at the end of the year is lost.
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You're thinking of FSA. HSA rolls over every year, and it is typically rolled up into a health insurance plan. They're both tax free, but with an fsa you have to sort of guess how much youre going to spend that year in eligible expenses and you lose whatever you have left at the end. Typically you can say how much youd like to contribute to your hsa but I can see how an employer might be able to set that up through negotiation.
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TC
Current stable:
- 2004 Mazda RALLYWANKEL
- 2007 Saturn sky redline
- 2004 Explorer...under surgery.
Past: 135i, GTI, 300E, 300SD, 300SD, Stealth
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