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Simple

Les asks: Why No Tax Break for Privately-purchased Insurance?

Posted in uncategorized on November 26th, 2007 by SayUncle | RSS 2.0 |

4 Responses to “Simple”

  1. Standard Mischief Says:
    November 26th, 2007 at 12:00 pm

    not true.

    Wikipedia link for Health savings account. Bottom line is even if your employer does not kick in a dime and you deposit after tax funds, you still get to take the deduction on your income taxes.

  2. Les Jones Says:
    November 26th, 2007 at 1:14 pm

    But can you use HSAs to purchase health insurance? It looks like they’re only used to pay for deductibles. (And HSAs, while insurance-like sorta kinda sometimes, aren’t insurance. They don’t spread risk around a large group, for one thing.

    From the Wikipedia article: “If the policyholder ends their insurance coverage, he or she loses eligibility to deposit further funds, but funds already in the HSA remain available for use.”

  3. DirtCrashr Says:
    November 26th, 2007 at 1:35 pm

    My wife has a pre-tax HSA kinda thihng through work, but it’s a yearly use-it-or-lose-it proposition and you have to make an estimate at the beginning of the year on what costs will be like – which for us is primarily vision care and dental stuff.
    Still since it’s through work, her employer gets the benefit too…?

  4. Standard Mischief Says:
    November 26th, 2007 at 2:51 pm

    My wife has a pre-tax HSA kinda thihng through work, but it’s a yearly use-it-or-lose-it proposition

    HSA are different, and encourage people to set aside funds and bank them year to year. I lost several hundred dollars in my use-it-or-lose-it Flexible spending account when I got laid off. I thought I have the whole year to spend those funds, but the large print gives and the small print takes away..

    But can you use HSAs to purchase health insurance?

    Umm, good question that I don’t have time to google yet. We’re talking about a High Deductible Health Plan, and I don’t know if you can pay next year’s premiums out of your current (tax free) HSA. I do know that you need to establish a HDHP first, before you can qualify to open a HSA, so for the first year the answer may be no.

    I’ve put off doing this for a while, but I should be blogging the process shortly.

Remember, I do this to entertain me, not you.

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