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Old 09-23-2004, 12:53 PM   #1
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Location: Indianapolis, IN 46260
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jcorn59483 HB User
Health Savings Accounts Versus FSA Flexible Spenindg Accounts

Help! I am very confused. Here is our situation:

We have good health insurance with my husband's employer, including dental insurance. We pay about $400.00 a month for it but it covers between 80-100% of our health costs. We also opted for an additional pre-tax FSA (Aflac) of up to $3000 a year (pre-tax dollars) which we can use to pay co-pays and other costs NOT covered by the regular insurance. This year, we used all of the $3000 and plan to next year as well..in fact, we are now paying out of pocket for the co-pay in after tax dollars.However, if we do NOT use all of the $3000.00, our employer gets the balance back, not us.

I just wonder if we might be better off considering a high-deductable HSA - health savings plan? Yes, the deductable would be higher BUT the premiums would be lower, allowing us to put the difference in a HSA and use it, as needed, for medical costs. Plus we could rollover any unused amount, tax free, from year to year. Is this wise or foolish? I'm no mathmatician but have been crunching numbers and researching for days now and feel like Im getting nowhere. Opinions from others who may have dealt with this issue?

 
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Old 09-29-2004, 07:24 PM   #2
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mudhound HB User
Re: Health Savings Accounts Versus FSA Flexible Spenindg Accounts

if you are in good health the hsa is a good thing.
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Old 09-30-2004, 12:10 AM   #3
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Join Date: Jun 2002
Location: Indianapolis, IN 46260
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jcorn59483 HB User
Re: Health Savings Accounts Versus FSA Flexible Spenindg Accounts

Thanks. I think you are right but after I crunched our numbers decided we'd be better off sticking with a health plan partially funded by our employer as well as the FSA. This solution is not best for everyone, however. THe HSA companies admitted they could not do better than where we are now (premiums would actually be higher), but again many, many people don't have health insurance at work. For them, an HSA might be the best option.

 
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