this post was submitted on 05 Jan 2025
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Mildly Infuriating

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[–] tburkhol@lemmy.world 15 points 3 days ago

When I was looking for a non-employer HSA, there's a lot of providers out there with not-exactly-predatory terms. All kind of fees or restrictions that you wouldn't find on other types of checking/saving/brokerage accounts. I ended up a Lively, but they added some investment/transfer fees when Schwab bought Lively's investment partner TDA.

I suspect it's partly because most HSA are determined by the employer, so someone in HR can be induced to choose a fee-laden plan if it's easier for them, and partly because the tax benefits are so great that it still makes sense even after paying a $20 junk fee here and there.

[–] themeatbridge@lemmy.world 9 points 3 days ago (6 children)

HSAs are a misdirect to get you to ignore how shitty high deductible plans are. Never take the high deductible plan.

[–] scytale@lemm.ee 12 points 3 days ago (3 children)

It depends though. If you are relatively healthy with no chronic issues (yet) and have enough saved for an emergency, it can save you a good amount of tax-free money that you can use for when you get older and sicker. That and the monthly premium is much lower than a PPO. Obviously universal healthcare is still the best option.

[–] bitchkat@lemmy.world 5 points 3 days ago (1 children)

My company has high deductible plan with $1800 deductible and another with $3600 deductible. I just divide those by 12 and add to monthly premium when comparing against HMO/PPO plans.

I'm single and old.

[–] tburkhol@lemmy.world 2 points 2 days ago (1 children)

Is your company paying part of the deductible? I can't get an HSA-qualifying plan with deductible under $6000. Also single and old.

[–] bitchkat@lemmy.world 2 points 2 days ago

Generally the lower the deductible, someone is paying more upfront. How that is split between employer and employee is unknown to me. My last two jobs have had similar high deductible plans.

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[–] bitchkat@lemmy.world 10 points 3 days ago

I save money with the HSA/high deductible. I always plan around using 100% of deductible. Premium plus HSA contribution is less than the PPO option.

I'll never pick an 80/20 plan. They generally charge more and cover less.

And I'm an old hag and have recently got cataract surgery in both eyes, hearing aids, etc.

[–] spankmonkey@lemmy.world 7 points 3 days ago

HSAs are also a way to get healthy people away from wanting universal health care by catering to their self interest, just like how IRAs were intended to let people with money invest in retirement which eroded support for social security.

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[–] slazer2au@lemmy.world 8 points 3 days ago

The fact that you get charged for a paper statement and that is not an opt in is more infuriating.

eyup. had this twice. so annoying that jobs don't let you choose an hsa for it to be deposited into.

[–] sumguyonline@lemmy.world -4 points 2 days ago* (last edited 2 days ago) (4 children)

MAX OUT YOUR HSA YEARLY!!! BANDAIDS, NEOSPORIN, I THINK BURTS BEESWAX!!! They take every penny you don't spend when you quit. I had to let 10k go earlier this year, and the kicker, the company you worked for gets to keep it. Carte Blanche. Mine gave it to mgrs as a bonus.

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[–] disguy_ovahea@lemmy.world -5 points 3 days ago (18 children)

You don’t get it. It’s a health savings account.

They charitably contribute a whopping 0.05% APY to an account that drains to zero every year.

[–] DaGeek247@fedia.io 1 points 3 days ago

You're thinking of an FSA.

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