Health savings accounts

[Bear Creek]

Thats the great plan the republicans have. The crap Bush tried to sell at a Wendys in Ohio. Like someone who works at Wendys could afford to put money in one of those accounts then afford to lose the money because the claims will be denied and what is not used in a year gets to go to the company. What a scam.

[madaboutharry]

1. It's the kind of scam Trump loves.

Like the scams he ran at Trump University and Trump Institute.

[Ilsa]

2. We talked about it extensively

Here in this thread: http://www.democraticunderground.com/12512569698

Replacing the ACA with HSAs and interstate insurance won't solve cost problems, and will make regulating harder.

[Bear Creek]

5. Thanks

Democrats need to run defense and get out info on why this is terrible before the GOP tells everyone how great it is. Most people do not even make enough to live on.

[Ilsa]

9. Exactly. Most cannot afford additional payroll deductions,

and they are the same folks who get little or no tax benefit from it.

[Hoyt]

3. That really is a scam, along with vouchers. God knows ACA has flaws, but nothing like those scams.

[unblock]

4. i think it's a "flexible spending account" that reverts to the employer if unused.

i have a "health savings account", it's mine and my employer has no access to it under any circumstances other than to make contributions into it. unused amounts (as if!) roll over to the next year.

[sarcasmo]

6. Same genius idea as Social Security savings account, Republican stupidity.

[Bear Creek]

7. Casino

They want us to take social security and play it in the stock market. They will take every cent we have and our arms and legs.

[Yo_Mama]

8. In an HSA the unspent monies in the account roll over each year. It's never lost.

You seem to be thinking of the FSA?

[Bear Creek]

10. Okay

Still a bad thing. Obviously universal health care is the right way. The Gop always cries about the debt yet they are the ones who drive it up. They pay themselves with our tax money.

[Travis_0004]

34. That doesn't mean HSA's are a bad thing

I contributed several grand to an HSA, then used it to buy lasik (I avoid taxes by doing it that way).

Even if we had single payer, there are somethings that will always cost money. I think HSA should be opened to everybody that wants to contribute.

[Bear Creek]

37. If you have

A few spare thousands why not. Not practical for working middle class by that I mean under 100000 a year more like 30000 if lucky.

[WillowTree]

39. And now up to $500 in an FSA can roll over, too.

[duffyduff]

11. They already exist, and they aren't worth a crap for much. n/t

[Bear Creek]

12. ACA

In theory sounds good until try to get covered my son is out of work and does not qualify for any help. A friend at work child who was away at college ran up a huge bill that and did not tell my friend. My friend just about lost her job over it. Which is another problem.

[dflprincess]

15. Actually HSAs do carry over from one year to the next

(it's the Flex Spending Accounts, FSA, that don't though now you can carry over up to $500 from one year to a next - but never more than that).

in fact, once you have a few thousand dollars in one, you can invest it just like you do a 401K! (Just hope the market is up when you need that bypass.) When I heard that I realized that the high deductible/HSA plans are nothing but another Wall Street scam.

HSAs may be okay if you're young and healthy and can afford to have even more of your income stashed away for "someday". But if you have a chronic condition or you're just getting older I don't see why anyone would want one.

But what really irks me about them is, Americans are supposed to save for their kids' college (while paying off their own student loans), for a house, retirement and now for health care. We're the only "first" world country where we're not allowed to enjoy our money.

[Bear Creek]

17. 4o1

Are trash! That was forced down our throats. The man who created them is ashamed to admit he did. They are just for rich people to park money and are not for pensions or retirement. Just another GOP scam to steal your money.

[Bear Creek]

19. Are you sure about first

We place people in so much debt there is no way out. We pay more for less. Alot of people do not understand that regulations and law affects our daily lives. Bankruptcy laws need to be changed. That supposed consumer protection bill passed during Bush Adminstration destroyed our economy and caused the housing meltdown the economy died way before the banks could feel it. I almost quit backing Hillary over that bill. The democrats did not do anything and still have not taken care of it yet. It screwed over every working American.

[dflprincess]

32. I am sure about the HSA (and I put this in the wrong spot the first time I posted it).

there is a limit to how much you can put in it in a year but there is not a limit to how much you can keep in it. The drawback is that if you withdraw it for anything other than medical expense you will pay taxes and a penalty on the money you withdraw. The money that goes into the HSA is pretax.

HSAs generally go hand in hand with an high deductible insurance plan. So you may find yourself spending several thousand out of your savings (or pocket if you haven't saved enough) to cover the deductible before the insurance kicks in.

Again, HSAs are okay if you're young and healthy (or old and healthy, I have a cousin my age who started one a few years ago and has quite a lot saved and likes it. Personally, I think she's taking an awful risk and would be better off going with her employer's low deductible plan and paying more out of each paycheck. But another 2 years and Medicare will kick in for her so maybe she'll be lucky.)

The $500 carryover on the FSA was new last year and may depend on whether or not your employer is going along with it.

On edit, I just checked on what the annual limits are to what a person can put in a HSA. Strangely enough, I know people whose insurance has deductibles higher than the limit.

These are the 2016 limits, I imagine they'll go up in 2017

HSA holders can choose to save up to $3,350 for an individual and $6,650 for a family (HSA holders 55 and older get to save an extra $1,000 which means $4,350 for an individual and $7,650 for a family) – and these contributions are 100% tax deductible from gross income.May 13, 2016

http://www.hsacenter.com/how-does-an-hsa-work/2016-hsa-contribution-limits/

[anneboleyn]

24. Many people, unfortunately, have no idea how one illness can bankrupt a family easily

They don't get that these accounts are basically glorified savings accounts, and even someone who can afford to put away $1,000 a month (and how many Americans can do that?) would see that money eaten up very quickly if they needed any kind of serious medical attention. A few days in the hospital can run up a 10,000 bill -- WITHOUT surgery or MRIs or anything complicated. Prescriptions can easily run into the hundreds each month (and even more depending on the medications and whether generics are available). Cancer treatments? Forget it. I find it very frustrating how so many people stick their heads in the sand about insurance and illness and then are stunned and outraged to find out that they will be financially devastated.

[Bear Creek]

27. First Hand

My sister's husband had cancer when she started to work at WalMarts which by the way is not enough to live on got all medical assisstance pulled and the case worker told her that Walmarts has $4.00 prescriptions. Maybe the problem is the health care in this country is for profit.

[dflprincess]

28. Self delete - posted in the the wrong spot

[Bear Creek]

30. Okay

Just a few thousand around the house. No way. Don't know anyone who could afford that crap. Maybe go without food? Or maybe a place to live? Or car to get to work? Maybe wages need to be raised or maybe some jobs that are not Walmart, Family Dollar, or Dollar General.

[Thinkingabout]

36. This is what you get with a "smart" businessman, not an ounce of reality. Trump spends more than

$2000 a year on his hair and he thinks $2000 is going to handle our health care for life. FRAUD, Trump is the champion.

[Bear Creek]

38. Absolutely

No idea of reality. Reminds me of my first boss. I had bought a used car that I could buy he asked me why didn't I just go out a buy a new car. I asked him if he was going to co sign.