<p>If you are talking about the HSA issue, you aren’t required to spend your HSA dollars toward health care. You can just open an investment account with the HSA and make money tax free on until you turn 65 and can withdraw everything without penalty. That’s a tax sheltered investment account plus a $6500 annual tax deduction. If you already have most of your assets sheltered in retirement accounts, then it doesn’t matter. But otherwise, you can look at it as a supplement to your IRA, 401K or whatever other retirement accounts you have. </p>
<p>I just was under the impression that you were financially well off enough that you were in a position to move money around. I personally prefer to keep as much of my money as possible in tax sheltered accounts, but then I have passed my 59 1/2 birthday, so maybe my perspective is different.</p>
<p>NO, not at all!!! You can keep it unspent as long as you want. The only limit is that there is a penalty for any early withdrawal other than to pay for qualified medical expenses. (A “qualified medical expense” is pretty much anything that the IRS would allow as a deductible medical expense). After age 65, all the money can be withdrawn without penalty. (I think the age 65 thing is designed to coincide with Medicare-- but of course you can still keep the money in your account as long as you like)</p>
<p>I can’t imagine where you got the idea that you would lose the money.</p>
<p>
Employer is irrelevant. You have to have an HSA-eligible high deductible insurance plan. These are being sold on the exchanges for most states- some states have better plans than others. Then you set up the HSA account separately – but you can only contribute to it for months that you have the qualifying health insurance plan. Don’t guess – the plan will be labeled in a way that will indicate whether it is HSA-eligible. </p>
<p>
</p>
<p>Not every financial institution offers HSA’s. So the first thing to do would be to check whether yours does – a quick online check showed me that Schwab, Vanguard, and TD Ameritrade all offer HSA’s. I didn’t look very hard – but again, it’s an easy thing to check. If your brokerage doesn’t have one, you can always shop around and open one up at another brokerage. </p>
<p>But again, you need to have the HSA-qualifying insurance plan in place FIRST. </p>
<p>The whole idea is that you are being given a vehicle to meet the deductible & out-of-pocket costs of a plan that puts a larger burden of cost-sharing on the patient. Obviously the big benefit comes to you if you can save rather than spend that money.</p>
<p>Here’s what some of the letter from Emblem said,</p>
<p>“We are writing to let your know about important changes to your small group health insurance coverage that will take effect of January 1, 2014. These changes are required by federal health care reform, called the Affordable Care Act. As outlined below, the changes will include a core set of comprehensive benefits, more cost sharing choices and new premiums.”</p>
<p>“To make sure your group’s policy includes these new requirements, your existing policy will end effective December 31, 2013. We will roll out a new product portfolio beginning on Jan. 1, 2014 that meets the ACA requirements. Check with us later in the year to see our new product portfolio at [EmblemHealth:</a> Family & Individual Health Insurance Plans In New York](<a href=“http://www.emblemhealth.com%5DEmblemHealth:”>http://www.emblemhealth.com). New York is establishing the Health Benefit Exchange where you can shop for replacement group health insurance.”</p>
<p>“Since your existing Group Health Incorporated (GHI) group policy is ending effective Dec. 31, 2013, you have the option to purchase any other ACA compliant policy offered to small groups through the New York Health Benefit Exchange. It is important for you to select a new plan for your group if you wish to have group covereage effective January 1, 2014.”</p>
<p>Yes the strategy is different at 45 than 59. As it ought to be. </p>
<p>I can move money around. At this point, I will have to move money to insurance and other money towards tuition. </p>
<p>Honestly, I’m just more surprised than anything else. It’s a large increase. I think it will be an actual hardship for many with kids in college who fall into the finaid donut hole. Which will also be the case with subsidies</p>
<p>ETA: Emily. We will pay out of pocket for everything until we hit the deductible. Including meds. Etc. we will pay 900ish a month for this. </p>
<p>Others will be subsidized. So I’m not really sure why it has to be so high. It doesn’t matter. We never have any doc visits except the one each year.</p>
<p>NYSmile – I said that the insurance COMPANY - apparently Emblem - (not the agency) was to blame – they wasted your agent’s time as well as yours. </p>
<p>" I guess what Pres. Obama said about keeping your plan if you’re happy with it isn’t true"</p>
<p>That’s assuming the insurance company acts in good faith – but the whole reason for ACA is that companies do not have such a good history in that regard. </p>
<p>However, that statement refers only to plans that were in existence prior to the passage of ACA in 2010. Any plan that was created post-March 2010 needs to fit into the “metal” framework in order to continue to be sold after Jan 1, 2014. A plan purchased in effective Dec. 1, 2013 should be able to continue for 1 year in theory – but obviously it does not make sense for companies to sell those types of plans in the individual or small business market. </p>
<p>The employer plans are a different animal – so those can continue without interruption. Most people with employer-provided insurance are not directly impacted by ACA.</p>
I don’t know if that number includes premiums, but if not, no ACA-compliant plan would require payment of any more than $12,700 with a family plan. (That’s maximum annual out-of-pocket, so that would be the top even for a high-deductible, catastrophic plan)</p>
<p>Well that’s our deductible. So I’m wondering if you fully understand. This is for a family of four. I’m sure they could make it up to 40000 under those circumstances, under the current law</p>
<p>Look. I’m not making this up. The premium is 900ish a month. The deductible is close to 13000. Maybe you should call up BCBS and tell this to them</p>
<p>Yes but there is a severely limited doctor list in that. I don’t spend a lot of time at the doctor, but I’m not going to have no choice when I do.</p>
<p>Also, in this state, only one insurer is doing ACA for the entire state. We should probably look at the ones who aren’t. But I’ve had BCBS forever </p>
<p>There’s no inexpensive solution for us. We used to pay (pay right now 300ish premium. 3000ish deductible. ). </p>
<p>It’s a large increase. I don’t care who you are. It’s big</p>
<p>My husband’s employer buys our insurance. On the one hand, that means we aren’t going to see much change this year. On the other hand, it means that we’ve been indirectly (as a benefit instead of salary) been paying high insurance premiums for years, because my husband’s company has to insure everyone at the company and their families.</p>
<p>Those not affected by the ACA because their employers are still providing them insurance shouldn’t be so quick to downplay the plight of those on the individual market who are getting screwed.(not meant for anyone on particular)</p>
<p>Those who were able to buy cheaply priced insurance for years because it was only sold to healthy people should not be so quick to accuse others who have been paying for insurance in bigger risk pools for decades.</p>
<p>[on edit] Then again, my insurance is tax-deductible for my husband’s employer. And that is stupid and unfair, and has always been stupid and unfair. But just try to get rid of that deduction… forget it, impossible.</p>