Health insurance, both work for same employer

[chiefsfan1]

It is that time of year again. Currently I am on my wife's since it is cheaper to go associate + spouse.
We have the QHDP plan.
Now the cost next year is $135 per pay period, paid bi-weekly.
My quandary is can I put money in the HSA that is in her name? she funds it with her pretax dollars.
OR go associate and associate.
That would be $73.50 for each. Then I could contribute pretax.
I realize we would be limited to the limit we can put in the HSA.

 

[NMBurb02]

You can contribute to the HSA with after-tax dollars and use it as a deduction when you file. And you can adjust your tax witholdings during the year to reflect the amount you are/will be contributing. (Consult your tax professional, don't just take financial advise from some guy on a car forum.)

 

[Nate1979]

Much better to contribute pretax (no FICA and Medicare taxes in employer plan). Max contribution to family plan or each can contribute to their own HSA. It doesn't really matter. For my wife and I we just have one HSA with max family contribution.

 

[The_Jeff]

If you find yourself with modest bills you can slide extra into the HSA then pay the bills out of the account next day.

Social Security taxes you at least plausibly get back eventually.

 

[JHZR2]

If Im reading the question correctly, you could do assoc + spouse for $135, or each of you could do yourslef for $147 total for the same coverage.

Is there a monthly HSA automatic contribution from the employer/plan?

If so, Id look at which ultimately pays out more. If the two individual automatic contributions sum to more than the premium delta, then youre in the money and should go individual. If they dont, then there's no sense.

The other thing to consider if youre near retirement age is, if when you retire/change policies, you have a lot of money in two HSAs, the total fees may be higher...

 

[JHZR2]

Originally Posted By: eljefino
If you find yourself with modest bills you can slide extra into the HSA then pay the bills out of the account next day.

Social Security taxes you at least plausibly get back eventually.


Only for qualified expenses of course.

You realize next year theyre increasing the OASDI cap by around $9000?!??

Those of us who are young and paying top dollar into the system arent going to see anywhere near a return for what is paid in.

And I have the generations before me to thank for poor fiscal sense creating that bill for me to pay. Unfortunately the greatest generation and their offspring forgot how to balance their checkbook, and thought it was fine to straddle us now... >-(

 

[SaturnIonVue]

Originally Posted By: JHZR2
Originally Posted By: eljefino
If you find yourself with modest bills you can slide extra into the HSA then pay the bills out of the account next day.

Social Security taxes you at least plausibly get back eventually.



Unfortunately the greatest generation and their offspring forgot how to balance their checkbook, and thought it was fine to straddle us now... >-(


Don't forget that the federal government has used the SS Trust Fund as a "slush fund" for virtually every purpose under the sun since shortly after SS began! Robbing Peter to pay Paul, from the SS account for decades, is probably the single most important reason your generation is being straddled and saddled now.

 

[supton]

Originally Posted By: JHZR2
You realize next year theyre increasing the OASDI cap by around $9000?!??


Didn't know that it was changing. Makes sense it would creep upward, just like everything else. I've never understood why it had a cap, since under a progressive tax system the rich would be paying for the poor to retire, which is how it always works out (the more money you make, the more money you pay to Uncle Sam). I've never gone looking into it, probably has to do with getting it passed in the first place, way back when (since the rich have no use for SS, no sense in them paying "too much" into it).

 

[chiefsfan1]

Originally Posted By: JHZR2
If Im reading the question correctly, you could do assoc + spouse for $135, or each of you could do yourslef for $147 total for the same coverage.

Is there a monthly HSA automatic contribution from the employer/plan?

If so, Id look at which ultimately pays out more. If the two individual automatic contributions sum to more than the premium delta, then youre in the money and should go individual. If they dont, then there's no sense.

The other thing to consider if youre near retirement age is, if when you retire/change policies, you have a lot of money in two HSAs, the total fees may be higher...



The plan just halves the deductibles. No change at the total cost except higher premium if we go individual.
Employer also gives $500 to the HSA.

This year they are having 'premium by compensation'. The more you make the more you pay in premium.
Thanks.

 

[JHZR2]

Originally Posted By: chiefsfan1
Originally Posted By: JHZR2
If Im reading the question correctly, you could do assoc + spouse for $135, or each of you could do yourslef for $147 total for the same coverage.

Is there a monthly HSA automatic contribution from the employer/plan?

If so, Id look at which ultimately pays out more. If the two individual automatic contributions sum to more than the premium delta, then youre in the money and should go individual. If they dont, then there's no sense.

The other thing to consider if youre near retirement age is, if when you retire/change policies, you have a lot of money in two HSAs, the total fees may be higher...



The plan just halves the deductibles. No change at the total cost except higher premium if we go individual.
Employer also gives $500 to the HSA.

This year they are having 'premium by compensation'. The more you make the more you pay in premium.
Thanks.


So if you each buy separate, the employer will deposit $500/person into theHSA? If you buy together, does the employer provide $500 or $1000?

Late night last night - sorry if im being dense.

 

[chiefsfan1]

Originally Posted By: JHZR2
Originally Posted By: chiefsfan1
Originally Posted By: JHZR2
If Im reading the question correctly, you could do assoc + spouse for $135, or each of you could do yourslef for $147 total for the same coverage.

Is there a monthly HSA automatic contribution from the employer/plan?

If so, Id look at which ultimately pays out more. If the two individual automatic contributions sum to more than the premium delta, then youre in the money and should go individual. If they dont, then there's no sense.

The other thing to consider if youre near retirement age is, if when you retire/change policies, you have a lot of money in two HSAs, the total fees may be higher...



The plan just halves the deductibles. No change at the total cost except higher premium if we go individual.
Employer also gives $500 to the HSA.

This year they are having 'premium by compensation'. The more you make the more you pay in premium.
Thanks.


So if you each buy separate, the employer will deposit $500/person into theHSA? If you buy together, does the employer provide $500 or $1000?

Late night last night - sorry if im being dense.


Oh I am the dense one. My brain and fingers dont always work.
It would be $250 in each.