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Healthcare insurance question
Posted on 12/26/23 at 8:43 pm
Posted on 12/26/23 at 8:43 pm
I had open enrollment for my health plan at work. Received my cards today. Noticed that something was wrong when I looked at the cards. It says I’m enrolled in a HDLP and I was on a Choice plan. Open enrollment is now closed. Am I screwed or since it’s not the 1st of the year, will I be able to switch it back? I have me and my children on my plan. Don’t want to pay a high deductible.
8
Posted on 12/26/23 at 8:50 pm to shoelessjoe
ChatGPT: Contact your company's HR or benefits department immediately to explain the error and clarify your situation. They may be able to assist you in correcting the mistake before the new plan takes effect. It's crucial to address this promptly to ensure you have the coverage you need.
Posted on 12/26/23 at 8:53 pm to shoelessjoe
Unless you’ve got chronic illnesses, really young kids (like constantly sick toddlers), or high prescription costs, you’re probably better off on the HDHP.
Get the HSA (not the FSA) and max that bad boy out. Best tax advantaged account there is!
Get the HSA (not the FSA) and max that bad boy out. Best tax advantaged account there is!
Posted on 12/26/23 at 8:54 pm to shoelessjoe
They usually have a little bit of flexibility to get things fixed, if you have documentation that you submitted it correctly to begin with.
If not, you might get the run around. Depends.
If not, you might get the run around. Depends.
Posted on 12/26/23 at 8:54 pm to shoelessjoe
Contact HR ASAP. It's not the first time it's happened and can be fixed.
Posted on 12/26/23 at 8:58 pm to shoelessjoe
Just report as others have stated. Send an email prior to end of year for the e-trail. Snapshot/attach anything you feel is pertinent.
Posted on 12/26/23 at 8:58 pm to LSUnation78
I don’t really understand any of that crap and usually rely on my wife to get that stuff done but tried to do it myself. I did have and FSA and switched to an HSA not fully understanding the implications. Didn’t realize it would change everything I had previously had the years before. Now the wife is about to kill me.
Posted on 12/26/23 at 9:10 pm to shoelessjoe
quote:
Don’t want to pay a high deductible.
Don’t freak out. A HDHP is anything over $1600 for and individual and $3200 for a family plan. If your deductible is under $4150 for an individual or $8300 for a family then you are probably better off sticking with it and max contributing to an HSA (assuming you don’t have any medical issues and would rarely go to the doctor).
Posted on 12/26/23 at 9:11 pm to shoelessjoe
quote:
switched to an HSA not fully understanding the implications
Yeah, you cannot have an HSA unless you have a HDHCP.
Also, as others have mentioned, unless you go to the doctor a lot, a HDHCP will probably cost you less.
Posted on 12/26/23 at 9:12 pm to shoelessjoe
quote:
Don’t want to pay a high deductible.
Well then you are gonna have to pay a high premium then, you cannot have it both ways.
Posted on 12/26/23 at 9:12 pm to shoelessjoe
quote:
I did have and FSA and switched to an HSA not fully understanding the implications.
FSA is garbage. You have to basically use it all every year or lose it. An HSA you can continually stack and then use it for medical issues in the future (even if it isn’t something that would normally be covered by insurance like LASIK).
Posted on 12/26/23 at 10:10 pm to shoelessjoe
As someone stated previously, if you don’t have any chronic conditions and have a healthier family, a HDHP with an HSA is a solid option. You can have the HSA money set aside pre-tax and set up your HSA that will come with a card like a debit card that will be able to be used for doctors visits and medications to help meet your deductible. Any of the money you use out of your HSA will then be asked to be included in your tax filings and you will get credit for that. If you don’t use health services for much more than routine visits, eventually, you will be able to have enough in your HSA to meet your “Out of pocket maximum.” Then, you can go in and set up an investment account from the excess that goes into your HSA above that amount. Depending on what your out of pocket max is, you can have that money in 2 years in most scenarios and start investing that money like an additional retirement. The HSA is a good option to incentivize remaining healthier for this reason.
Posted on 12/26/23 at 10:19 pm to BigBinBR
quote:
FSA is garbage. You have to basically use it all every year or lose it. An HSA you can continually stack and then use it for medical issues in the future (even if it isn’t something that would normally be covered by insurance like LASIK).
Plus an HSA is yours and stays with you if you leave
Posted on 12/27/23 at 9:53 am to BigBinBR
quote:
FSA is garbage.
It's not garbage. You don't have to have a qualified HDHP to have an FSA and is extremely beneficial to employees. The Dependent Daycare FSA save parents a great deal of money.
at the down voters that don't understand the FSA and how it can be beneficial to employees. The FSA is a financial tool and if used properly can be a great way to use pretax dollars for qualified expenses.This post was edited on 12/27/23 at 11:24 am
Posted on 12/27/23 at 10:12 am to shoelessjoe
I have a HDHP and max out the HSA. Our HDHP has a much lower monthly premium so that saves money. Maxing out the HSA saves on taxes. I still spend from the HSA so obviously it doesn't grow it as fast as it would otherwise, but even with high expenses it still ends up cheaper in a year than other plans. YMMV depending on (5%? 10%?) and drug costs.
But it sounds like OP's problem is that he has an FSA with leftover funds, some of which rollover into the next year if continuing with an FSA but can be lost if changing plan and not spending by whatever deadline. If unable to fix and you have health costs in the first three months, I believe the deadline to spend 2023 FSA funds is March 31, so could maybe pay HDHP deductible costs with FSA. These details I don't know as well so I'd double check that.
But it sounds like OP's problem is that he has an FSA with leftover funds, some of which rollover into the next year if continuing with an FSA but can be lost if changing plan and not spending by whatever deadline. If unable to fix and you have health costs in the first three months, I believe the deadline to spend 2023 FSA funds is March 31, so could maybe pay HDHP deductible costs with FSA. These details I don't know as well so I'd double check that.
Posted on 12/27/23 at 11:20 am to Parrish
quote:
But it sounds like OP's problem is that he has an FSA with leftover funds,
OP never mentioned an FSA. His problem is very fixable.
ETA. I just saw the post where OP did say he had an FSA. The problem is still very fixable. I will add, that is if his HR people and the Broker are worth a damn.
This post was edited on 12/27/23 at 11:28 am
Posted on 12/27/23 at 12:02 pm to BigBinBR
quote:
FSA is garbage.
Absolute statements are absolutely stupid.
If you are in posistion that a HDHP makes sense, then yes, an HSA beats out an FSA.
If your situation is such that an HDHP does not make sense, then an FSA is great, as an HSA is unavailable to you.
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