HDHP HSA - all smiles Posted: Oct 24th, 2016 - 5:45 pm In Reply to: Open enrollment and the 2 plans - gooseegg
Pros: All your monies put into the HSA account are tax deducted. You do not have to take the 7.5% haircut if you use an alternative plan wherein you take your medical deductions at tax time. So, the monies put in are tax deducted right from dollar 1.
Cons: You pay everything at the network discount until you reach the deductible - mine as a single person was 2500 last year.
So, say the cost of the service is $100, the in network is $80, you pay $80. You keep doing that until you reach the magic 2500 deductible for single plan. Then it goes like this: They pay 75% of the $80 and you pay 25% of the 80.
This includes your medicines. From the get go, you pay the entire in network cost until you reach the deductible.
If you have very little medical, the PPO would be the way to go. If you have a lot of medical or anticipate a lot of medical this year, the HDHP HSA would be the way to go because you don't get the 7.5% haircut (not deductible).
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