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?