Insurance help.

[GeorgiePorgie]

I thought a health savings account was a pre tax contribution that you must use or lose by the end of the year.

My work has one and I divvy up my medication costs and and I average what I might spend on doctor appointments....but I gotta use it all on health care or I lose it January 1st....I wonder if these vary workplace to workplace.

 

[premix]

I thought a health savings account was a pre tax contribution that you must use or lose by the end of the year.

My work has one and I divvy up my medication costs and and I average what I might spend on doctor appointments....but I gotta use it all on health care or I lose it January 1st....I wonder if these vary workplace to workplace.

HSA should roll over. FSA's do not. HSA's are typically only available with most employers high deduct plans.

 

[John250]

HSA should roll over. FSA's do not. HSA's are typically only available with most employers high deduct plans.

exactly. sometimes employers contribute to your HSA, sometimes they do not. There are annual limits to the amount you can contribute, but it carries over and is always your money.

FSA, flexible spending is only available if you do not have an HSA. money must be used within the year, although you can have a rollover of $500 now. Limited FSAs can be had with a HSA, but they are for dental and vision expenses. I also recommend anyone paying for child care at a childcare facility to put money into an FSA for dependent care if you can. Up to $5000 a year, but if your paying for child care any way, might as well do it with pre tax dollars.


Sent from my SM-G900V using PitRacer mobile app

 

[Bill480]

Maybe that's the corrrect term for what I have.... FSA. We get 1k at the beginning of the year, and lose whatever we don't use at the end of each year. Cannot put anything into it (pre tax or post). Cannot be used for dental or vision, medical expenses only.

 

[John250]

Maybe that's the corrrect term for what I have.... FSA. We get 1k at the beginning of the year, and lose whatever we don't use at the end of each year. Cannot put anything into it (pre tax or post). Cannot be used for dental or vision, medical expenses only.

Sounds like you have a HRA. Health Reimbursement Account, funded by your employer. Yet another type account.

 

[GeorgiePorgie]

Well the 1000 woukd defintely help an ER visit. Used to be 1200 to go the ER. But my last two trips saw bills for $2400+ Then my insurance adjusted 1900 off that. Paid them $400 and I was responsible for $100. Too bad we can't adjust like tht privately.

 

[JBrown118]

b. any riding activity conducted on a permanent or temporary racetrack, racecourse, or during any closed course event.

This is the line the ticks me off these days. If I want coverage, than take it back to underwriting and price it out for me to be covered. But don't deny a claim on me, when I have been paying premiums. For example on my current personal life insurance policy, I had to answer a bunch of questions about racing. How many races a year, etc. Cincinnati Insurance surcharges my policy for the racing, but at least I am covered if something happens on he racetrack.

If you go by the "I pay my premium, it should be covered" philosophy, then what wouldn't be covered? Do you think a company would want to insure a race car on a standard auto policy? No. There are specialty companies that deal with the racing side such as Naughton and K&K Insurance.

 

[John250]

If you go by the "I pay my premium, it should be covered" philosophy, then what wouldn't be covered? Do you think a company would want to insure a race car on a standard auto policy? No. There are specialty companies that deal with the racing side such as Naughton and K&K Insurance.

I get it. I work in Benefits. I just don't want us to ever get to the point where a health insurance company has the ability to dictate lifestyle. What I mean is, you work, your on your group health insurance. My opinion, it is a slippery slope if they have the ability to say, oh....you want to drive go karts, you want to ride a dirt bike, you want to bungee jump.........sorry, you need to pay $200 more per month for your dangerous activities or your not covered.

I totally understand the language in a voluntary accident policy, because the numbers don't work for underwriting. But if or when the health insurance carriers have the ability to ask those questions, your driving people out of the sport. Like I said, I already pay an additional surcharge on my life insurance for racing. I don't want to do it on my health insurance also.