Today I Learned...

[Dadhawk]

Originally Posted by Spuds

TIL that not only can you contribute to your Health Savings Account for the prior calendar year until the tax filing deadline, but your employer can as well to include payroll deductions.

Yea, I always contributed to MomHawk's while in the process of doing our taxes.

Unfortunately we had to change away from an eligible plan two years ago because of a local dispute between our local health system and the insurance company where the insurance dropped all our physicians (and basically every provider in the county where we live that we've used for the past 30 years).

[Spuds]

Originally Posted by Dadhawk

Yea, I always contributed to MomHawk's while in the process of doing our taxes.

Unfortunately we had to change away from an eligible plan two years ago because of a local dispute between our local health system and the insurance company where the insurance dropped all our physicians (and basically every provider in the county where we live that we've used for the past 30 years).

That sucks. When I took the new job, there wasn't an HSA option for the first year and I remember thinking how dumb it felt just paying into regular insurance (for a 29 year old in relatively good health). HSAs are great.

[Spuds]

Originally Posted by spcmafia

It is amazing the things you can buy with HSAs.

Well, I didn't spend HSA money on non-healthcare stuff. That's bad, don't do that.

Employer contributions through payroll deductions avoid payroll tax (SS and Medicare) in addition to income tax. Direct contributions only allow you to deduct the income tax portion when you file taxes. The difference in tax is about $480 a year at the family HSA limit assuming top tax bracket. My employer cut my contributions off at the individual limit (half the family limit) and didn't tell me, so this will save me $240 in taxes.

However, that savings is only really applied to money used for healthcare. If you literally never use the HSA, then you never actually realize the savings.

[Dadhawk]

Originally Posted by Spuds

That sucks. When I took the new job, there wasn't an HSA option for the first year and I remember thinking how dumb it felt just paying into regular insurance (for a 29 year old in relatively good health). HSAs are great.

Yea, we had the plan for quite some time, so I hated losing it. We had two different HSAs, one with her contributions, and one with mine. We used hers for actual medical expenses and mine is in an investment account with Fidelity we'll use in retirement.

I wish I could have started it in my 20's! Mine is in the low five figures, but it would have had at least another zero on it if I had started then.

[spcmafia]

Originally Posted by Spuds

Well, I didn't spend HSA money on non-healthcare stuff. That's bad, don't do that.

Employer contributions through payroll deductions avoid payroll tax (SS and Medicare) in addition to income tax. Direct contributions only allow you to deduct the income tax portion when you file taxes. The difference in tax is about $480 a year at the family HSA limit assuming top tax bracket. My employer cut my contributions off at the individual limit (half the family limit) and didn't tell me, so this will save me $240 in taxes.

However, that savings is only really applied to money used for healthcare. If you literally never use the HSA, then you never actually realize the savings.

I love my HSA because, even though I am in a high deductible plan. My employer deposits money on the account at the beginning of the year, and it accrues over time if you don't use it. Thankfully, I haven't found the need to visit a hospital or need any major medical work done. But that deposit money pays for what my vision insurance does not, regarding my annual contact lenses supply, and a good amount of chiropractor sessions. So whatever I contribute throughout the year, just goes into the overall savings that will continue to accrue.

[cjd]

I wish our HSA insurer didn't suck. Only realistic option for folks in this town using the company's out of state insurance providers is a decent PPO. Some of our existing care choices don't even accept the other vendor... The main system does but I've heard the stories.
We still have a bit stashed from a previous employer.

[Spuds]

Originally Posted by Dadhawk

Yea, we had the plan for quite some time, so I hated losing it. We had two different HSAs, one with her contributions, and one with mine. We used hers for actual medical expenses and mine is in an investment account with Fidelity we'll use in retirement.

I wish I could have started it in my 20's! Mine is in the low five figures, but it would have had at least another zero on it if I had started then.

Yeah, HSA was a new option the first year I started working. The problem early on for me was making the choice between saving for a car/house/etc, maxing HSA contributions, maxing 401k matching from my employer, or general quality of life. I didn't maximize my HSA contributions until after I spent most of what I had on imaging, ER, and such one year.

[NoHaveMSG]

Originally Posted by Dadhawk

Yea, we had the plan for quite some time, so I hated losing it. We had two different HSAs, one with her contributions, and one with mine. We used hers for actual medical expenses and mine is in an investment account with Fidelity we'll use in retirement.

I wish I could have started it in my 20's! Mine is in the low five figures, but it would have had at least another zero on it if I had started then.

Basically what I am planning to do with mine. In 10 years I think I have spent 2k out of it. We used to only have HSA plan which is great for people like me. Now we have multiple plans including a PPO which is better for families, but a lot of our employees won't go to it because they think they are missing out on the employer HSA contribution so they are not coming out ahead when it's the other way around.

[Greg Erskine]

On my MY23 BRZ, leaves are going through the grill and getting trapped at the bottom of the radiator. Lucky, I have skinny arms and can squeeze through the grill to get them out.

Am I missing an easier way to retrieve them?

I looked at a GR86 yesterday and the finer grill may prevent this from happening but if leaves got through, they would be harder to extract.

[MyHybridBurnsGasAndTires]

Originally Posted by Greg Erskine

On my MY23 BRZ, leaves are going through the grill and getting trapped at the bottom of the radiator. Lucky, I have skinny arms and can squeeze through the grill to get them out.

Am I missing an easier way to retrieve them?

I looked at a GR86 yesterday and the finer grill may prevent this from happening but if leaves got through, they would be harder to extract.

maybe one of these type of grabber tools? they're so cheap and useful

https://www.harborfreight.com/24-inc...ool-94162.html

i have a couple of them but this one has a magnet which makes it even more useful

[Captain Snooze]

Originally Posted by Greg Erskine

On my MY23 BRZ, leaves are going through the grill and getting trapped at the bottom of the radiator. Lucky, I have skinny arms and can squeeze through the grill to get them out.

Am I missing an easier way to retrieve them?

I looked at a GR86 yesterday and the finer grill may prevent this from happening but if leaves got through, they would be harder to extract.

A little bit of petrol and a match.

[NoHaveMSG]

Originally Posted by Greg Erskine

On my MY23 BRZ, leaves are going through the grill and getting trapped at the bottom of the radiator. Lucky, I have skinny arms and can squeeze through the grill to get them out.

Am I missing an easier way to retrieve them?

I looked at a GR86 yesterday and the finer grill may prevent this from happening but if leaves got through, they would be harder to extract.

Totaled

[86-75309]

Originally Posted by NoHaveMSG

Basically what I am planning to do with mine. In 10 years I think I have spent 2k out of it. We used to only have HSA plan which is great for people like me. Now we have multiple plans including a PPO which is better for families, but a lot of our employees won't go to it because they think they are missing out on the employer HSA contribution so they are not coming out ahead when it's the other way around.

This year was my first on an HSA plan. I typically only have PCP visits a couple of times a year to get my statin prescription renewed, so I went with the cheapest plan my employer offered. Then BAM! Major medical expenses this year drained what little I had in the HSA. Then it was all on me past the $2500 deductible all the way to the $4500 annual out-of-pocket limit. Everything after that has been covered, thankfully. I really don't know what my total bill for the year is so far, but it has to be in the six figures. I sure hope next year allows me to get some money into that account and keep it there for a while.

[NoHaveMSG]

Originally Posted by 86-75309

This year was my first on an HSA plan. I typically only have PCP visits a couple of times a year to get my statin prescription renewed, so I went with the cheapest plan my employer offered. Then BAM! Major medical expenses this year drained what little I had in the HSA. Then it was all on me past the $2500 deductible all the way to the $4500 annual out-of-pocket limit. Everything after that has been covered, thankfully. I really don't know what my total bill for the year is so far, but it has to be in the six figures. I sure hope next year allows me to get some money into that account and keep it there for a while.

Wishing you better health in the future. Medical anything is no fun.