The health savings account, or HSA, was created recently by federal legislation. An HSA lets you set aside pre-tax dollars for future medical, retirement, or long-term care premium expenses. Invest these funds as you wish within a broad range of choices, then use them for qualified expenses. The funds can roll over from year to year. You take them with you when you change jobs.
High-Deductible Requirements
To open an HSA, you must be enrolled in a qualified high-deductible health plan, as defined by the US Treasury. For 2007, the minimum annual deductibles are $1,100 for a self-only plan the maximum is $5,250 There is no minimum annual contribution limit, although most financial institutions will require a minimum deposit to create your account.
For 2007, the maximum contribution amount is $2,850 for single coverage.
It seems one would have to pay $1100-5250 til they could dip into the HSA. If one is living pay check to pay check are they going to be able to afford this plan?
2007-10-23 06:59:34 · 11 answers · asked by Global warming ain't cool 6 in Politics & Government ➔ Politics
This is a cafeteria plan and not at all meant to be a healthcare plan. Do your research.
2007-10-23 07:05:23 · answer #1 · answered by DJ 7 · 2⤊ 4⤋
I"m not sure if DJ is kidding or not. One would hope so.
I'm have an FSA - single mom, three kids, no child support - costs too much to chase it, have a decent job w/ a fortune 500 company - who is earning profits hand over fist (think telecommunications and #1) rising profits, largest board of directors in the usa. I don't have a college degree, didn't come from a family who could afford it - no use whining now. Make decent money - but at my 45K a year and 2300K deductible you might as well remove 3K from my salary.
As for obtaining a raise or better job by 'working harder' raises are decided by, you guessed it, upper management. Administrative roles aren't jobs that bring in funds so not regarded as important. I guess I could get a 2nd job but that would leave the moppets home a lone more, thereby making me less socially responsible according to the caring, religious kind natured conservatives. I know, I'm, supposed to be home schooling. Guess I better go buy a head scarf and move back into daddys home.
I do ok, budget the best I can trying to meet everyone's needs, w/ o running up debt. It sure would be nice to not live paycheck to paycheck or have to worry about ending up homeless when I'm old, though.
I get it - I really do - it sucks that my tax dollars are going to support people who won't work, but I do.
2007-10-23 10:18:24 · answer #2 · answered by angibabi113 3 · 0⤊ 2⤋
Nope, I could barely afford it when I was working for companies who had it. It is a good idea, it lowers your taxable base, as well as paying non taxed dollars when you needed it, but the thing that bothered me, was that if there was any left in there at the end of the year, you lost it. It didn't roll over, you just flushed that down the drain! So, when I did it, I didn't put a lot into it, & if there was any left over, I had to find 'durable goods' to purchase to use it up. Sanitary napkins were not, but bladder control items were...they are similar so...
2007-10-23 07:08:23 · answer #3 · answered by fairly smart 7 · 2⤊ 1⤋
It's the same song out of every politician's mouth. What about the working class that doesn't have the money to put into an account? Most people don't have that kind of money laying around. The poor are insured, and those that are above middle class have the extra money. What about the working middle class? Who is going to help them when they need it?
2007-10-23 07:15:40 · answer #4 · answered by Lisa M 5 · 1⤊ 1⤋
If you pay into a 401k, paying into HSA shouldn't be difficult or burdensome... Its called budgeting .. If you can't afford to save for the future how in the heck can you afford paying for Hillary's proposals....
2007-10-23 07:37:37 · answer #5 · answered by bereal1 6 · 0⤊ 2⤋
the HSA is another stupid program to protect the wealth of the rich while not helping the working poor at all.
only the rich have the money lying around to pay for such a savings account.
poor people still don't get health insurance. pathetic. we're so far behind the rest of the civilized world that we are no longer a superpower. congratulations, bush lovers.
2007-10-23 07:04:40 · answer #6 · answered by Anonymous · 7⤊ 4⤋
IF YOU CAN"T AFFORD IT THEN WORK HARDER. You get what you earn. Does that bother you? You can't afford health insurance so you think money should forcibly TAKEN from those who have earned more than you and turned over for your use. That is the closest thing to evil I have ever experienced.
2007-10-23 07:18:38 · answer #7 · answered by damo 2 · 1⤊ 2⤋
The HSA plan is a terrific plan. In essence, you are setting your own money aside to pay for future medical expenses. It is self responsibility at its best.
It will be like any other bill, such as electricity or rent. You must make your budget fit the bill. Most Americans will not see any change from doing this.
2007-10-23 07:05:37 · answer #8 · answered by mustagme 7 · 4⤊ 6⤋
Americans who can't afford to get braces for their kids or fill their gas tank can hardly afford to set aside money from their pay. This is more of the "let them eat cake" from the Bush administration.
It does help the rich by reducing their taxes. (Maybe that's why he's for it)
fairly smart -lol
2007-10-23 07:05:02 · answer #9 · answered by Zardoz 7 · 6⤊ 3⤋
You need to direct your question toward the congress that created the plan. They make the laws, they establish the programs, the president does not and cannot. Was this program suggested or established by the President? No. Your question is misdirected. Write your congressman.
But thanks for playing.
2007-10-23 07:08:03 · answer #10 · answered by The emperor has no clothes 7 · 2⤊ 4⤋