Healthcare Flexible Spending Account (FSA) looks like a bad deal

[Fedorgasm]

It's that time of year where us wage slaves enroll in our benefits for next year.

HSA's sound awesome but unfortunately I can't get one with the medical plan I chose. So they offer me an FSA instead.

They're both accounts where you can contribute pre-tax money and use it later for medical expenses, but the main difference seems to be with an HSA you get to keep any unspent money whereas with an FSA any money you don't spend by the end of the year goes to your employer.

What kind of shit is that? Why does my employer get to keep my money if I don't use it?

Seems like the only way to win is to only deposit what you know 100% you're going to spend that year, which for me is only a couple hundred bucks since I don't have any chronic illnesses. But that barely saves me anything in taxes so it's not even worth the hassle.

 

[traditionally_irreverent]

Dropping truth bombs!

 

[RoastBeast]

HSAs are for fat people and hypochondriacs.

 

[Berserker13]

HSAs are for fat people and hypochondriacs.

You mean health insurance?

 

[Oblivian]

HSAs are for fat people and hypochondriacs.

Lol wut?

 

[Fedorgasm]

HSAs are for fat people and hypochondriacs.

Nah, HSA's seem great. You can throw some pre-tax money in it, then invest that money so it grows, and then when you're old and actually have high medical bills you'll be able to pay them with that money. So it's good for your future AND a good way to dodge taxes.

FSA's seem like the one that's only good for maybe diabetics or people in poor health who know they're going to spend thousands on health care this year. Maybe pregnant women too.

Anyhoo, there doesn't seem to be anything good that an FSA does that an HSA doesn't do better.

FSA seems like it was just created as a way for your employers to trick you into giving them money.

 

[Darkavius]

Fedorgasm going to get me upset thinking about health insurance. It's so stupid in America and the company I work for offers an HSA. I still have yet to fully understand why in America: Health insurance is considered separate from dental and vision insurance and why you cannot use multiple health insurers to cover a medical issue.

Also, I don't understand why going through an employer offers cheaper health insurance as opposed to purchasing it on my own? I don't get my car insurance or life insurance through my employer. Let's not even start on deductibles. Paying money before my insurance covers something on top of paying for the cost of the insurance itself.

 

[Fedorgasm]

Fedorgasm going to get me upset thinking about health insurance. It's so stupid in America and the company I work for offers an HSA. I still have yet to fully understand why in America: Health insurance is considered separate from dental and vision insurance and why you cannot use multiple health insurers to cover a medical issue.

Also, I don't understand why going through an employer offers cheaper health insurance as opposed to purchasing it on my own? I don't get my car insurance or life insurance through my employer. Let's not even start on deductibles. Paying money before my insurance covers something on top of paying for the cost of the insurance itself.

Yeah and don't forget the medical staff deciding what to do to you without you having the slightest idea of what it will cost.

Can you imagine walking into a store and just saying, "Put whatever you think I need in my cart and send me a bill next month."

 

[Darkavius]

Yeah and don't forget the medical staff deciding what to do to you without you having the slightest idea of what it will cost.

Can you imagine walking into a store and just saying, "Put whatever you think I need in my cart and send me a bill next month."

Now don't get me wrong I do want people to eat right and take care of themselves and don't expect a quick fix with hospitals and any health care. Some of this has to go on the individual but, to your point, I love how one of the biggest burdens of finance in America is the healthcare system and everyone is like "Cool, let's not fix this at all. Let's just have mysterious or hard to find pricing across the board."

 

[Berserker13]

Fedorgasm going to get me upset thinking about health insurance. It's so stupid in America and the company I work for offers an HSA. I still have yet to fully understand why in America: Health insurance is considered separate from dental and vision insurance and why you cannot use multiple health insurers to cover a medical issue.

Also, I don't understand why going through an employer offers cheaper health insurance as opposed to purchasing it on my own? I don't get my car insurance or life insurance through my employer. Let's not even start on deductibles. Paying money before my insurance covers something on top of paying for the cost of the insurance itself.

You're making too much sense


we don't do that here

 

[chardog]

It's that time of year where us wage slaves enroll in our benefits for next year.

HSA's sound awesome but unfortunately I can't get one with the medical plan I chose. So they offer me an FSA instead.

They're both accounts where you can contribute pre-tax money and use it later for medical expenses, but the main difference seems to be with an HSA you get to keep any unspent money whereas with an FSA any money you don't spend by the end of the year goes to your employer.

What kind of shit is that? Why does my employer get to keep my money if I don't use it?

Seems like the only way to win is to only deposit what you know 100% you're going to spend that year, which for me is only a couple hundred bucks since I don't have any chronic illnesses. But that barely saves me anything in taxes so it's not even worth the hassle.

FSA's work fine, been using for a decade or so, you just need to plan and anticipate a bit. Around 500-1000 a year is about enough for my family, but it may differ for you. HSA is the good stuff once the FSA depletes, but it's kind of a mess to invest with HSA funds, although it can be a good way to protect income. I think the majority of folks should have an HSA........ otherwise, health insurance is a real racket without it.

 

[Fedorgasm]

FSA's work fine, been using for a decade or so, you just need to plan and anticipate a bit. Around 500-1000 a year is about enough for my family, but it may differ for you. HSA is the good stuff once the FSA depletes, but it's kind of a mess to invest with HSA funds, although it can be a good way to protect income. I think the majority of folks should have an HSA........ otherwise, health insurance is a real racket without it.

But what's the benefit? You put in 500-1000, and it saves you what? Maybe 100-200 in taxes, but now you have to save receipts and submit them for approval before you can use your FSA money, so depending on what your time is worth, you're not really coming out ahead by much.

 

[chardog]

Fedorgasm going to get me upset thinking about health insurance. It's so stupid in America and the company I work for offers an HSA. I still have yet to fully understand why in America: Health insurance is considered separate from dental and vision insurance and why you cannot use multiple health insurers to cover a medical issue.

Also, I don't understand why going through an employer offers cheaper health insurance as opposed to purchasing it on my own? I don't get my car insurance or life insurance through my employer. Let's not even start on deductibles. Paying money before my insurance covers something on top of paying for the cost of the insurance itself.

the financial class runs america, these companies are nothing more than vampires. My brother is a doctor and he has a hard time figuring out health insurance.

my anger phase from my 20's is long gone, just throw in the towel for that aspect, but instead, figure out how to navigate the system with the least impact to you.

try to stay healthy
get a high deductible plan + HSA
Fund the hell out of your HSA for a while, it's your money, if you dont spend it now, you'll spend it later, it's your money!!!

in a decade, thank me for saving you tens of thousands on premiums with tens of thousands in your HSA

 

[chardog]

But what's the benefit? You put in 500-1000, and it saves you what? Maybe 100-200 in taxes, but now you have to save receipts and submit them for approval before you can use your FSA money, so depending on what your time is worth, you're not really coming out ahead by much.

I do 1000, and that's equivalent to saving 300? the FSA has an app, so when I go for a dental visit, I can file it right there and then in less than 5 minutes, and you're almost always approved.

sure it's a hassle, but if you save stuff for business expenses, it becomes second nature, consider it a wealthy person's habit, as in finding every single goddamn loophole to save on taxes. You can certainly save a whole lot more, but I dont like dealing with the hassle, so most of my stuff goes to HSA.

 

[Screwtape]

HSA >FSA. Easy.

 

[Colonel Forbin]

pre tax money to spend on healthcare is actually great

. HSAs are for fat people and hypochondriacs

 

[PaddyO'malley]

Dropping truth bombs!

View attachment 1069531

 

[TeTe]

I had an FSA at a previous job and I had $1500 put in the account each year and by the time I quit I had $7500 in it cause I never used. About six months before I quit I bought like eight boxes of contacts, glasses, dental care shit, etc so I could get some use out of it.

 

[Whippy McGee]

I had an HSA for years until Obamacare killed it. It was awesome I had over $10K in it with the annual max spending being about $6K for worst case scenario. It still covered everything else. They are super smart for young healthy people. By the time you need the care you have a fat account and can take any healthcare issue without being financially rocked.

 

[TheTickG]

It's that time of year where us wage slaves enroll in our benefits for next year.

HSA's sound awesome but unfortunately I can't get one with the medical plan I chose. So they offer me an FSA instead.

They're both accounts where you can contribute pre-tax money and use it later for medical expenses, but the main difference seems to be with an HSA you get to keep any unspent money whereas with an FSA any money you don't spend by the end of the year goes to your employer.

What kind of shit is that? Why does my employer get to keep my money if I don't use it?

Seems like the only way to win is to only deposit what you know 100% you're going to spend that year, which for me is only a couple hundred bucks since I don't have any chronic illnesses. But that barely saves me anything in taxes so it's not even worth the hassle.

Is this an American corporate thing to do health care enrollment around this month?