Correct. Though I would have a cashflow problem if I even tried to max it out

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Nov 12, 2024
1:01:13pm

RexburgCougar Starter

Correct. Though I would have a cashflow problem if I even tried to max it out

my employers offers ($3,000) and I opted for $50/month, which would see a savings of over $100,000 over the next 23 years. I tried to be conservative with my own contribution because I am contributing 6% of my income towards my 401K, which is matched at 4% by my employer.

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RexburgCougar

Previous username: CougarBuckeye-BYUI
Bio page: RexburgCougar
Joined: Jan 22, 2007
Last login: Nov 14, 2024
Total posts: 959 (3 FO)

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Messages

Author

Time

HSA question: $1,500 HSA or $3,000 HSA/year?

RexburgCougar

Nov 12, 12:44pm

Are those contributions that will be made to your HSA account? DMBA can’t

allaboutthegainz

Nov 12, 12:46pm

Those are the deductibles.

RGGeemer

Nov 12, 12:51pm

HSA is one of the best retirement savings vehicles available

Skeptical Optimist

Nov 12, 12:46pm

I'd do the $3K.

jdub

Nov 12, 12:47pm

<< Deleted >>

justAnotherCoug

Nov 12, 12:47pm

You can't contribute to an HSA and FSA.

JuicyJam

Nov 12, 12:48pm

You can contribute to an HSA and a limited purpose FSA

Skeptical Optimist

Nov 12, 12:49pm

Thank you for that. That makes sense. I can contribute to dental and vision, but

RexburgCougar

Nov 12, 12:58pm

That is a limited purpose FSA. You can have that if you have an HSA.

Skeptical Optimist

Nov 12, 12:59pm

And you can use HSA for dental and vision costs.

Schultz is back

Nov 12, 1:04pm

But you don't want to. Save your HSA.

Skeptical Optimist

Nov 12, 1:08pm

Yeah, that's a good idea if you can afford to do it that way

Schultz is back

Nov 12, 1:37pm

I put in $750 - $1000 per year on my limited purpose FSA - low enough that I'm sure I'll use it all

Skeptical Optimist

Nov 12, 1:47pm

I'm a little below that at $50/mo., but for the same reasons.

Nov 12, 1:49pm

If you have a high deductible plan with an HSA, do not use an FSA.

Schultz is back

Nov 12, 12:50pm

I like taking on higher risk but so i would choose the 6k and max

JohnnyC

Nov 12, 12:51pm

Correct. Though I would have a cashflow problem if I even tried to max it out

RexburgCougar

Nov 12, 1:01pm

Nice! 4% match is great.

JohnnyC

Nov 12, 1:06pm

It depends on the premiums and how many medical expenses you have each year.

RGGeemer

Nov 12, 12:54pm

This is the risk, but I am banking on the fact that a $6,000 premium isn't too

RexburgCougar

Nov 12, 1:08pm

The savings plan is the same. You can contribute up to $8,550 to your HSA no

RGGeemer

Nov 12, 1:39pm

If you have recurring prescriptions be sure to check prices.

BlueCoug

Nov 12, 1:01pm

If you expect low medical expenses, then I'd probably go for the one with the

TheNerd

Nov 12, 1:08pm

Thank you, All! I just wanted confirmation if I was making the right choice

RexburgCougar

Nov 12, 1:09pm

BYU open enrollment ended on 11/8.

bluebooks

Nov 12, 1:22pm

Yeah! I should have been clear that I already made the decision, but was still

RexburgCougar

Nov 12, 1:26pm

I would choose the $3k HSA and not spend any of it. Put it away and let it grow

diluigifan

Nov 12, 1:30pm

I'm not convinced the $3k is a company contribution....I'm thinking that is just

RGGeemer

Nov 12, 1:40pm

The deductible is $6K and the contribution is $3K for the HSA60 plan.

RexburgCougar

Nov 12, 1:44pm

Interesting. Sounds like that is the way to go then. The extra $1500

RGGeemer

Nov 12, 1:59pm

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