HSA in NY | Imamother

amother

Seagreen

Thu, Dec 07 2023, 11:39 pm

It’s called an HDHP (high deductible health plan) and it gives you the ability to put pretax money into an HSA which is an amazing investment vehicle - you put pretax money in and as long as you use it to pay medical bills, it is never taxed. You can invest the money while it is in your HSA so it grows and that growth is also not taxed. You can use the money in it throughout your whole life.

My employer offers HDHP and regular plans and unless I plan to get pregnant, I pick the HDHP plan. The premiums are significantly lower so in my case I come out ahead as long as I don’t have huge medical bills.

It’s definitely very hard to have to pay $120 every time I need to take my kids to the doctor for a sick visit. But I would have spent that $120 every month on premiums for the other plan, and I would still have a 1k deductible to meet after that before any insurance payment kicked in.

What is your monthly premium on the hdhp? And what is your deductible and out of pocket max? It might not be such a bad plan. And being able to have an HSA is seriously amazing.

amother

Thu, Dec 07 2023, 11:46 pm

Monthly premium is $600 and out of pocket maximum is 12k for the family...
I keep thinking, if one of us needs urgent care or something it's around $200-300!
Panicking here. We don't qualify for a marketplace insurance, we are the stuck in the middle class , so I have to take this HSA aince it's better than nothing.. vent

amother

Seagreen

Fri, Dec 08 2023, 12:01 am

amother OP wrote:

Oh no that premium is much higher than mine Sad

That makes it much tougher to stomach. Try it for a few months and if it’s really not working financially, maybe look for a different job?

How much is the deductible? Insurance will kick in and covers a large percentage of your medical expenses if you hit the deductible.

amother

Seagreen

Fri, Dec 08 2023, 12:09 am

I just logged in to my health insurance app to see how much urgent care visits have costed me.

A strep culture at the urgent care cost $145.

My husband visiting a doctor about an infection on his arm cost $58, not bad. He also went to an urgent care for it, $145 again.

This is reminding me that I should stop being lazy and start booking appointments at the doctor instead of just walking into an urgent care. You pay an extra $100 for the convenience.

amother

Fri, Dec 08 2023, 10:41 am

Wow this is all so much... I think the suggestion to look for another job proceeds. My boss thinks it's great that everyone can apply the copays as a tax write off without realizing we don't make enough to have $500 expenses every month out of pocket, so out of touch..
May Hashem bless us with health and that hopefully we don't need to go to a doctor!

Highstrung

Fri, Dec 08 2023, 10:47 am

amother OP wrote:

Wow. That’s very high.
My employer gives us $1500 towards the HSA for anyone that chooses the high deductible plan and if we want to add to it we can.
My deductible is $4000 and $8000 maximum out of pocket for the family .

I also avoid using urgent care since they charge more than going to the regular doctor .

I have tons of medical bills and I try making payment plans where needed to slowly pay it all off.

groovy1224

Fri, Dec 08 2023, 10:48 am

An HSA is not a scam, it might not be 'free insurance' but it's not a scam. And you don't say how large your family is, but $600 a month for a family plan isn't bad actually.

I'm not saying that it's affordable, or that $600 a month is nothing. But just trying to help you reframe that while it may not be ideal, your boss isn't being nasty by offering this. An HSA can actually be a very valuable tool- if one day your child needs braces, for example, you can pay for it from an HSA account. That means you are shielding thousands of dollars from income tax, and social security/medicare taxes as well.

IyH though your medical expenses will be at a minimum!

NotInNJMommy

Fri, Dec 08 2023, 11:00 am

An HSA is not an insurance plan. It’s an accessory (a pre tax funded account) to paying out of pocket costs for certain types of insurance plans. It has a maximum funding limit per year.

Unlike an FSA, the money never disappears (rolls over from year to year).

I switched to a HDHP with an HSA about 14 years ago when it was offered by my company because for my family comparing the costs of HMo or PPO premiums etc to the costs of the HDHP, and what my company provided as incentives in funding the HSA etc made it clearly a better calculation.

Unfortunately, all medical care is expensive and medical insurance is expensive too, and one has to find the best option provided in their circumstance.

As far as adjusting to the PPO style of payment, it takes about a year to start funding your HSA and build up that account. In the mean time, many health providers will work with you for payment plans to pay them as you’re funding your HSA (if you want to wait and use pre tax dollars). The important thing is to call them and set up a payment plan. As long as you’re talking to them and keeping to your payment plan, they will gladly work with you.

In my case, it was a no brainer that if I even if I hit my deductible I’d still be ahead of the game compared to the premiums and copays etc or other out of pocket costs for a HMo or PPO.

But after the first year or so, I don’t even think about it. I have a funded HSA and just make my medical payments from that. Also you can use the HSA for many OTC things as well.

amother

Wallflower

Fri, Dec 08 2023, 1:43 pm

I thought anyone can have an HSA, we have it because it’s a work benefit and work pays for premiums and deductibles so the deductible is given in the HSA account. Our deductible isn’t as high as most posters BH. It’s very reasonable. I think it’s $3000. BH. No complaints. We do pay copay which is $25/$50. But we also use HSA for that. Thank you Obamacare for ruining normal healthcare!!

amother

Stoneblue

Fri, Dec 08 2023, 1:48 pm

amother OP wrote:

Your max is $12k or your deductible is 12k? We have a $14k max and a few kids with medical issues and we still don’t reach it. It’s the deductible that matters more.
Your regular sick visits shouldn’t be costing you $200-$300. You should still be getting the in network insurance contracted rates for visits you just have to pay the full bill instead of insurance paying for it until you meet the deductible. Try to go to a pediatrician or general practitioner over urgent care it’s usually cheaper. Unless you meant things like stiches or an ER visit or certain specialists which yes can be very pricey. We get payment plans and some places are nicer about discounts than others.

amother

Stoneblue

Fri, Dec 08 2023, 1:52 pm

amother Wallflower wrote:

Anyone that’s employer offers it can have an FSA which is different. HSA you have to have a high deductible or what the government has decided is called high but you don’t have to go through an employer.

amother

Wallflower

Fri, Dec 08 2023, 2:05 pm

Fsa is also use it or lose it. More things are covered but all purchases must be in plan year. HSA the money rolls over so it’s more worth it.
It looks like high deductible is around $3,000/year for a family according to the irs.

Why are doctors appointments so expensive? We pay $25/$50 unless urgent care or ER. Go to a pharmacy that has a clinic and you should pay your regular copay, not specialist and not urgent care or er.

amother

Stoneblue

Fri, Dec 08 2023, 2:59 pm

amother Yarrow wrote:

HDHP with HSA isn’t a scam. It’s on option for people who want to pay a lower premium amount in exchange for higher OOP costs.

For some people it comes out worth it.

600 a month for a family plan is bubkes.

It sounds like OP isn’t being given any other option which is very frustrating to feel forced to take an option that doesn’t seem to be worthwhile.

STovah

Sat, Dec 09 2023, 8:04 pm

amother Wallflower wrote:

The IRS limit of $3000 you quoted is probably the lowest a deductible can be and still qualify as a HDHP. When I had a HDHP 10 years ago in NY, my deductible was $10K.