Health Savings Account (HSA) contribution

[zinfamous]

Hmmm, my high cost insurance is so shitty that I get to put $$ in mine every year and spend it all because of the $10K deductible.

Holy crap man, you'd be better off in DPRNK. D:

 

[highland145]

Ha, only if I'm in charge.

Still waiting on my new plan from United for 2017 but I'm sure you'll hear about it.

 

[edro]

Supposedly, HDHPs have negotiated lower rates for treatment.
Example, Doctor's visit would be $400 out of pocket for uninsured, or $150 with HDHP plan.
It's not well explained though... and seems very shady.

I just used my UHC Estimate Health Costs tool, and used Bronchitis for example.
It says my average local cost for care is $84. That doesn't seem that bad...

Here are some more while I have it open:
Bronchitis $84
Hearing Test $47
Ingrown Toenail Removal - Office Visit $239
Ear Infection, Acute $60
Broken Finger, ER $1691
Broken Finger, Doctor Visit $507

Biopsy, Neck $5747 (whoa)
Cancer, Head or Neck, Radiation $61610 (whoa)

 

[highland145]

Not here. I just get a "lower" premium. Do not become self employed, kiddies. Not only is there no lube, the entire San Quentin prison population gets to make you their bitch.

The cheapest plan for me at healthcare.gov....very affordable.

BlueCross BlueShield of South Carolina · BlueEssentials Bronze 1

• Bronze
• EPO
• Plan ID: 26065SC0380005

Estimated monthly premium
$1,405.56
Deductible
$12,700 Family Total
Out-of-pocket maximum
$14,300 Family Total
Copayments / Coinsurance

• Emergency room care: $300 Copay before deductible/50% Coinsurance after deductible
• Generic drugs: $30
• Primary doctor: $60/50% Coinsurance after deductible
• Specialist doctor: 50% Coinsurance after deductible

 

[edro]

Mine has much lower deductibles and maxes and is $360/mo (family) through employer.

 

[Ns1]

Not here. I just get a "lower" premium. Do not become self employed, kiddies. Not only is there no lube, the entire San Quentin prison population gets to make you their bitch.

The cheapest plan for me at healthcare.gov....very affordable.

BlueCross BlueShield of South Carolina · BlueEssentials Bronze 1

• Bronze
• EPO
• Plan ID: 26065SC0380005

Estimated monthly premium
$1,405.56
Deductible
$12,700 Family Total
Out-of-pocket maximum
$14,300 Family Total
Copayments / Coinsurance

• Emergency room care: $300 Copay before deductible/50% Coinsurance after deductible
• Generic drugs: $30
• Primary doctor: $60/50% Coinsurance after deductible
• Specialist doctor: 50% Coinsurance after deductible

the fuck? why even have a 12.7k deductible if the OOP max is 14.3k. this is ON TOP of 17k in premiums?!

 

[highland145]

Yep, the affordable care act. And I'm not a baller on OT, low 6 figures taxable income. I sneaked in with the janitor. The rest of the middle class will find out when the employers drop their share.

And I learned today that the IRS can and will collect the penalty for not having coverage, according to my tax lady. She says it's a line item on the 1040 just like everything else...add...subtract....the bottom # is what you owe.


Sorry for the derail, OP.

 

[Ken g6]

Not here. I just get a "lower" premium. Do not become self employed, kiddies. Not only is there no lube, the entire San Quentin prison population gets to make you their bitch.

The cheapest plan for me at healthcare.gov....very affordable.

BlueCross BlueShield of South Carolina · BlueEssentials Bronze 1

• Bronze
• EPO
• Plan ID: 26065SC0380005

Estimated monthly premium
$1,405.56
Deductible
$12,700 Family Total
Out-of-pocket maximum
$14,300 Family Total
Copayments / Coinsurance

• Emergency room care: $300 Copay before deductible/50% Coinsurance after deductible
• Generic drugs: $30
• Primary doctor: $60/50% Coinsurance after deductible
• Specialist doctor: 50% Coinsurance after deductible

Good grief! I'm not self-employed, but my boss refuses to offer health insurance. My choices aren't that bad though. Kaiser is offering me renewal of a low-end individual HDHP for about $245/month, $40 more than last year.

I haven't paid into my HSA for a couple of years, though, because I found some clause in my taxes about having to remain in the same insurance for 13 months (the "testing time" or something?) after paying into a HSA? I really don't understand that. If I'm wrong I'd love to change my poll answer to "yes".

 

[highland145]

Being 52, the wife 53, with 1 15y.o. doesn't help the cost either.

And load up that HSA as much as you can. You may not need it now but you will one day. Hell, they billed my $3300 for a CT when I had pneumonia earlier in the year.

 

[Ns1]

Yep, the affordable care act. And I'm not a baller on OT, low 6 figures taxable income. I sneaked in with the janitor. The rest of the middle class will find out when the employers drop their share.

And I learned today that the IRS can and will collect the penalty for not having coverage, according to my tax lady. She says it's a line item on the 1040 just like everything else...add...subtract....the bottom # is what you owe.


Sorry for the derail, OP.

isn't there supposed to be a subsidy or something?

Sorry for all the ?'s, I'm covered by my employer but wanted to go out on my own eventually. But not with insurance rates like that

 

[gorb]

Switching to my wife's HDHP plan w/HSA. Premiums are only $37 biweekly

 

[dullard]

Being 52, the wife 53, with 1 15y.o. doesn't help the cost either.

And load up that HSA as much as you can. You may not need it now but you will one day. Hell, they billed my $3300 for a CT when I had pneumonia earlier in the year.

Get your income under $80,640/year and that same family insurance coverage would be ~$530/month (I guessed your zip code, so the exact price will vary a bit). Since you are self-employed that may be doable.

 

[dullard]

isn't there supposed to be a subsidy or something?

Only if you make less than 4X the poverty limit. For a family of 3, you get a massive subsidy if you make under $80,640 but nothing if you make over $80,640.

 

[Ns1]

Only if you make less than 4X the poverty limit. For a family of 3, you get a massive subsidy if you make under $80,640 but nothing if you make over $80,640.

So at what point do you get "unfucked"? 250k? 500k?

Jesus christ I'm never leaving my job now.

 

[repoman0]

Switching to my wife's HDHP plan w/HSA. Premiums are only $37 biweekly

Mine is in that neighborhood as well, little bit less ... then again, 27 and unmarried. I do max out the HSA bit ever since I discovered the tax benefits.

Only if you make less than 4X the poverty limit. For a family of 3, you get a massive subsidy if you make under $80,640 but nothing if you make over $80,640.

Wow, it seems like an oversight that it isn't phased out at all.

 

[dullard]

So at what point do you get "unfucked"? 250k? 500k?

Jesus christ I'm never leaving my job now.

According to BCBS South Carolina's website you get $7200 from the government if you earn $80,639 with a family of 3 and nothing if you earn $80,640 or higher. So, that is a big transitional period. There are no other cutoffs if you make $250k, $500k, etc. Basically if you earn ~$85,000 as a self-employed person, it is better to cut your salary and earn ~$80,000 instead.

If you earn less than $80,639 with a family of 3, the subsidy increases. The less you earn, the higher the subsidy until the government essentially pays for it all*.


* This is impacted by whether or not your state accepts the increased Federal Medicare. It is smooth to $0 income if your state accepts the federal money, but there is a big gaping gap if your state does not.

 

[dullard]

Wow, it seems like an oversight that it isn't phased out at all.

It is phased, a lot, up until 4X the poverty limit. Then it just vanishes.

But do note, you can deduct that health premium, so if you are making that much, at least you get about a good chunk of it back through itemized deductions.

 

[Ns1]

According to BCBS South Carolina's website you get $7200 from the government if you earn $80,639 with a family of 3 and nothing if you earn $80,640 or higher. So, that is a big transitional period. There are no other cutoffs if you make $250k, $500k, etc. Basically if you earn ~$85,000 as a self-employed person, it is better to cut your salary and earn ~$80,000 instead.

If you earn less than $80,639 with a family of 3, the subsidy increases. The less you earn, the higher the subsidy until the government essentially pays for it all.

Sorry I didn't mean to imply that the govt' would kick you some money if you made 250k+. What I'm asking is do the rates that highlander pays go up when he makes more money? "low 6 figures" with 17k in premiums + 13k deductible seems crazy, but mid/high 6 figures with 17k in premiums + 13k in deductible is at least livable.

But do note, you can deduct that health premium

well that makes it marginally less shitty.

 

[dullard]

Sorry I didn't mean to imply that the govt' would kick you some money if you made 250k+. What I'm asking is do the rates that highlander pays go up when he makes more money? "low 6 figures" with 17k in premiums + 13k deductible seems crazy, but mid/high 6 figures with 17k in premiums + 13k in deductible is at least livable.

As far as I know, the actual insurance rates are unaffected by income. The government subsidy is affected by income.

Family insurance premium costs above $10,000/year is common (the average is about $17,000/year) and has been common for years before Obamacare. It is amazing how much employers pay for you.

 

[AznAnarchy99]

Is FSA worth it if you're planning something big? Thinking about getting Invisalign next year.

 

[IronWing]

Is FSA worth it if you're planning something big? Thinking about getting Invisalign next year.

You'll save a percentage equal to your marginal income tax rate.

 

[gorb]

Mine is in that neighborhood as well, little bit less ... then again, 27 and unmarried. I do max out the HSA bit ever since I discovered the tax benefits.

If my wife was single it'd only be $17 vs $37. Company contribution to HSA $500 vs $1000.
$2000 deductible single vs $4000 for the two of us. Those deductibles aren't even that high imo.

 

[zinfamous]

Yep, the affordable care act. And I'm not a baller on OT, low 6 figures taxable income. I sneaked in with the janitor. The rest of the middle class will find out when the employers drop their share.

And I learned today that the IRS can and will collect the penalty for not having coverage, according to my tax lady. She says it's a line item on the 1040 just like everything else...add...subtract....the bottom # is what you owe.


Sorry for the derail, OP.

It's about a 5 hr drive to for you to Mayo in Jacksonville, FL. I suggest you dump that turd plan and find a plan where Mayo services you. You could probably pay for ambulance trips back and forth for regular in-patient visits twice per year, get 10x the care, and still come out ahead in cost.

 

[zinfamous]

isn't there supposed to be a subsidy or something?

Sorry for all the ?'s, I'm covered by my employer but wanted to go out on my own eventually. But not with insurance rates like that

depends on your state and what the governor allowed in terms of the ACA. You're probably good in CA, highlander is in SC, so....

elections have consequences, so they say.

 

[highland145]

Get your income under $80,640/year and that same family insurance coverage would be ~$530/month (I guessed your zip code, so the exact price will vary a bit). Since you are self-employed that may be doable.

Suggestions? Already taking off the HSA, H.I., itemized deductions, exemptions to get me to the low 6 figures for the taxable income. Retirement contributions aren't (or they weren't) deductible because I make too much. I did pay the kid $5K for stuffing envelopes last year to save on income taxes but 15.3% is still paid out on FICA.

Corp sub chapter S. The company doesn't need $40K worth of anything. Well, H&B would be a perk but the wife would frown on that.

It's about a 5 hr drive to for you to Mayo in Jacksonville, FL. I suggest you dump that turd plan and find a plan where Mayo services you. You could probably pay for ambulance trips back and forth for regular in-patient visits twice per year, get 10x the care, and still come out ahead in cost.

Options in S.C. are limited. United might leave by 12/2017 so BCBS is the game in town.

depends on your state and what the governor allowed in terms of the ACA. You're probably good in CA, highlander is in SC, so....

elections have consequences, so they say.

No shit. 2011, My HI premiums were $2990 for the whole year. 2016, I'm out $5400 more. That's $$ that isn't going towards my kids school, my retirement or my consumer spending. I'm guessing $8K more for 2017 with United. That would be $13.8K more with BCBS. What a fucking turd.

I would love to hear from some lefties in my situation and what they think about the ACA now that it's actually digging into their pockets.

Did I mention it was a fucking turd?