Related Posts
Hey sharks
I got offer on Citiustech Healthcare Technologies
May I know how WLB in this company, I see in glassdoor and ambitions contains positive and negative. Is it worth to join? Is it useful for me to enhance my career for long run? How about the retention pay? If we leave the company we need to pay entire retention pay?I have other wipro and CTS, which company is better to join?
More Posts
Need like for completing profile. Thanks.
Seeking Analyst/ Associate Strategy Consultants (McKinsey, Bain, BCG, etc) to join the pre-eminent Strategic M&A Advisor in NYC. Looking for people who are 1-3 years out of BA or MBA who would like to work in a unique environment that combines the best of whole organization strategic thinking to deliver the best M&A Advisory available.
Unique opportunity for career switching. Feel free to PM me here or email me at sd@twgco.com
Does EY let you keep Amex rewards points?
Hi Capgemini people, Till 15th November we have to declare our vaccination status so that they can plan back to office for the employees who are fully vaccinated or having report of not having covid. I am Fully vaccinated but if I declare that I am partially vaccinated will they get to know my bluff? Actually I am not much interested to go back to office as of now may be in february it will be fine for me
Capgemini
First year problems
Pro
Additional Posts in Consulting
Rising Star
Rising Star
Any good resources to learn VBA?
Better title or more money?
How do I check my utilization?
Anyone at Deloitte willing to give a referral
New to Fishbowl?
unlock all discussions on Fishbowl.
100% worth it if you have a health plan that permits it:
1. Like you mentioned, it is a tax shield
2. A lot of employers match $$
3. HSA providers allow investments
Personal experience: I have a high deductible plan, and I add the premium diff between my high and low deductible plan to my HSA. That way, when I switch to a low deductible upon having a kid, my paycheck is unchanged. With that and employer contribution over 8 years, plus investment gain, I am sitting on $25k in my HSA (pretty much secures my kids’ birth + part of Y1 expenses)
deductible = you pay up to this amount in case you need insurance to pay for an incident before your insurance coverage kicks in
Example:
Your plan’s Deductible = $3000
Hospital bill for a broken leg from a ski trip = $8000
You pay: $3000
Insurance covers: $5000
After this incident, throughout the year, if you need insurance, your coverage is full up to the insurance max amount, you dont have to pay deductible again (it is one-time pay)
Note: I have oversimplified the above scenario for understanding the deductible concept
When you are younger, barring something untoward, you dont anticipate visiting a hospital or having major insurance expenses, hence you choose a plan with higher deductible, which costs less in premiums each month. High deductible (and even medium deductible plans for certain employers) allow you to enroll in HSA.
Typically, you are allowed to switch from a high deductible to a low deductible plan in 2 instances:
1. During the once-a-year “open enrollment” period that your employer and insurance plan define
2. By having what is called a “life event” like getting married, having a kid etc.
When you are expanding your family, your probability of having to goto a hospital changes, and when you have a kid on the way, its almost certain you will have hospital visits and bills. Thats when you typically choose the higher premiums based low deductible plan to reduce your out of pocket expenses.
Note: this is completely unsolicited advice based on what I followed, not necessary everyone follows the same thing
Yes as the Director said. The money you contribute is still yours tax-free even if you no longer have the high deductible plan. And you would be amazed what you can buy with it these days. There are lists all over the internet, take a look to make sure you are taking full advantage of the benefit.