On October 30, 2017 at 02:39, Mario said...
For MY 2017 health plan:
Max out of pocket for MY HDHP plan is $5,000. Anything over $5k is covered at 100%, with no deductibles, no co-pays, etc.
Max allowable contributions for 2017 is $6,750.
For my plan there is no way to max out HSA and still be out.
As long as my plan doesn't change, I will always have money left over.
Best case scenario I'm banking all $6,750 each year.
Worst case scenario I'm banking $1,750 ($6750-$5000), and that's before any RoI kicks in.
I get that may not be a situation for everyone.
According to this website:
[Link: shrm.org] some plans may have family HDHP max out of pocket at a whooping $13,100.
With max allowable IRS contributions of $6,750 you're absolutely right, you could be in the red.
Mario,
One thing I see missing from your previous comparison of PPO vs HDP/HSA is the premium cost for the HDP/HSA in the first place.
You mention in your previous post that for "paycheck" amounts you instruct your HSA people how your pay periods are. Since you are on your own I believe, no employees, I assume you aren't getting a paycheck correct? If so, it would be the payroll company that would then handle the deduction and couldn't fudge it anyway. Yes if you changed to monthly or quarterly, your amounts would be larger but you wouldn't get you $$ faster. If anything you would get them slower. Pay is never in advance. Its always in arrears (after you worked the hrs, week, bi-weekly, month etc.) Getting paid weekly means you get contributions into your HSA on a weekly basis, although smaller. Monthly means you have to wait 4-5 weeks for the $$ to be in the acct and will be larger (but basically equal to what you would have put away on a weekly paycheck). Now it also depends on if your health dollars are in a fixed acct or some type of investment option. If the latter, you are better off with weekly or bi-weekly, smaller payments, to dollar cost average. Since our contributions are done via my wife's corp employer, the premiums and HSA or FSA contributions are all pre-tax $$. I assume the same is the case with your premiums and HSA $$?
