HSA account | Imamother

amother

Dodgerblue

Tue, Jan 30 2018, 12:23 am

If my boss is paying for my insurance which option would be better for my taxes
1)have him pay private insurance with a better network through the business with an HSA account which is around $1200 a month,
2) Or rather through the market place with an HSA account a small network but it's only $6000 a month and he'll pay you privately the premium plus the HSA account?

Thank you for your help

amother

Bisque

Tue, Jan 30 2018, 9:37 am

I’m a little confused from your post. What do you mean by $1200/month and $6000/month? Is that the monthly premium, or the yearly deductible? And how much is your boss contributing to your HSA account?

But regardless of that, you can make your decision based on a medical perspective or a financial one. From a medical standpoint, private insurance is always better because of the wider network. For me personally, marketplace insurance would be cheaper. But I have several health conditions that are managed by specialists who only accept private insurance, so I have no choice but to go with my employer’s plan even though it’s a lot of $$. And my employer does not contribute anything towards the premium.

From a financial standpoint, you have to figure out 5e numbers from both plans and see which one comes out cheaper. If they’re approximately the same then go with the private insurance.

amother

Dodgerblue

Tue, Jan 30 2018, 11:40 am

[quote="amother"]I’m a little confused from your post. What do you mean by $1200/month and $6000/month? Is that the monthly premium, or the yearly deductible? And how much is your boss contributing to your HSA account?

But regardless of that, you can make your decision based on a medical perspective or a financial one. From a medical standpoint, private insurance is always better because of the wider network. For me personally, marketplace insurance would be cheaper. But I have several health conditions that are managed by specialists who only accept private insurance, so I have no choice but to go with my employer’s plan even though it’s a lot of $$. And my employer does not contribute anything towards the premium.

From a financial standpoint, you have to figure out 5e numbers from both plans and see which one comes out cheaper. If they’re approximately the same then go with the private insurance.[/quote

Thank you for replying, I meant$600 a month, my question is for taxes which one would be a bigger benefit for me

amother

Bisque

Tue, Jan 30 2018, 11:55 am

That makes more sense Smile

You should speak to your accountant about that.

I had marketplace insurance for a short while, but currently have private. Both offered a tax benefit. The private insurance premium is taken off my paycheck pretax. When I had marketplace insurance, the premium was taken off as a tax deduction at the end of the year. So in both cases it lowered my taxable income.