HSA health insurance info

[TechSri]

HSA lo sign up ayithe monthly premium tho patu additional ga kontha amount contribute cheyala or premium kattina money ne copay and deductibles ki vadukovacha.  

If we have to contribute on top of monthly premium then how much can we do. 

[perugu_vada]

Contribution Limit untundi like for a family yearly 6500 or so .. u can use those for medical expenses .. including bills, medicines etc 

[allbakara]

2 minutes ago, perugu_vada said:

Contribution Limit untundi like for a family yearly 6500 or so .. u can use those for medical expenses .. including bills, medicines etc 

@TechSri $8300 for family in 2024
 

employer may contribute some if full time

 

[TechSri]

23 minutes ago, allbakara said:

@TechSri $8300 for family in 2024
 

employer may contribute some if full time

 

Desi employer consulting. 
 

i thought monthly premium goes toward hsa and that can be used for medical expenses. Additional contribution no idea. Monthly premium and additional contributions both cheyala HSA lo. 
 

not sure HSA theesukovala vadda 

[megadheera]

16 minutes ago, TechSri said:

Desi employer consulting. 
 

i thought monthly premium goes toward hsa and that can be used for medical expenses. Additional contribution no idea. Monthly premium and additional contributions both cheyala HSA lo. 
 

not sure HSA theesukovala vadda 

Suppose you are paying 250 For regular insurance. Let’s say HSA your premium is 130. Just contribute that extra 120 towards HSA so that will stay in your account 

[Telugodura456]

2 hours ago, TechSri said:

Desi employer consulting. 
 

i thought monthly premium goes toward hsa and that can be used for medical expenses. Additional contribution no idea. Monthly premium and additional contributions both cheyala HSA lo. 
 

not sure HSA theesukovala vadda 

Lot of incorrect advises here.

HSA is not an insurance but a tax free savings facility which govt provides IF you take a high deductible insurance.  So you pay premiums to your high deductible insurance and additionally you "pay" extra (up to some limit) in your HSA which is your savings tax free. These savings you can use later only for health pruposes.

Biggest advantage is these savings are deducted from your income for tax purposes (up to a limit).

[Telugodura456]

@TechSri in most cases you are better off taking high deductible plan and put savings in hsa.

 

[usetime63]

6500 tax free, use for medical or investments (stock)

[Funkops]

3 hours ago, TechSri said:

HSA lo sign up ayithe monthly premium tho patu additional ga kontha amount contribute cheyala or premium kattina money ne copay and deductibles ki vadukovacha.  

If we have to contribute on top of monthly premium then how much can we do. 

HSA and monthly premium are different. HSA is just a money savings plan that is tax deductible and can be used medical bills. Ofcourse your employer and your insurance plan should make it eligible 

[Konebhar6]

4 hours ago, TechSri said:

HSA lo sign up ayithe monthly premium tho patu additional ga kontha amount contribute cheyala or premium kattina money ne copay and deductibles ki vadukovacha.  

If we have to contribute on top of monthly premium then how much can we do. 

Money will be deducted from your paycheck every month based on how much you chose. Lets say you elected $5200. Means every paycheck (2 weeks) $200 will be added to your HSA. If after a month (you contributed $400 by then) and your medical expenses were $1000, you pay $400 from HSA and rest from your pocket. You can claim the remaining $600 when your HSA has that amount. 

[Galactus]

6 hours ago, TechSri said:

HSA lo sign up ayithe monthly premium tho patu additional ga kontha amount contribute cheyala or premium kattina money ne copay and deductibles ki vadukovacha.  

If we have to contribute on top of monthly premium then how much can we do. 

HSA is available for high deductible health insurance plans

your employer may offer multiple insurance plans, some low deductible and some high deductible

If you choose low, you will get an option to opt for FSA (no HSA), high deductible ki HSA option untundi

Now, monthly premium usually will be a few bucks less for high deductible plans

So you save a tiny amount, advantage is that you can contribute upto 8300 for a family (Including employer contributions)

If you opt for these plans and are FTE, you usually will also get some 1000-1500$ depending on your company as a HSA contribution, it depends on the company though

Now, 8300-1000 (lets assume you get 1k from employer), will leave 7300$ as HSA contribution limit

assuming biweekly paycheck 7300/26 = 280 $ approx, this is the amount in each pay check you can contribute 'Tax free' to HSA account

benefit is that you use this to spend for medical, dental or vision expenses, saving 20-30% tax on medical expenses is a good deal and with employer contribution this gets even better and thats the reason lot of folks opt for High deductible HSA plans

There are still many more good reasons so would suggest you to read up and understand these basis

[Gorantlamdhav]

7 hours ago, TechSri said:

HSA lo sign up ayithe monthly premium tho patu additional ga kontha amount contribute cheyala or premium kattina money ne copay and deductibles ki vadukovacha.  

If we have to contribute on top of monthly premium then how much can we do. 

This has nothing to do with insurance or premium 

its a savings account kind of thing. You deposit tax free money and use it to pay bills with debit card 

you can contribute max of 7500 in this account 

[Sucker]

Naa life lo naaku ardham kaanivi anthe Ee HSA lu 401K lu 

 

[Pandubabu]

12 hours ago, TechSri said:

HSA lo sign up ayithe monthly premium tho patu additional ga kontha amount contribute cheyala or premium kattina money ne copay and deductibles ki vadukovacha.  

If we have to contribute on top of monthly premium then how much can we do. 

premium is different from contribution. contribution is interesting for future and paying bills tax free . 

[maverick19]

19 hours ago, TechSri said:

HSA lo sign up ayithe monthly premium tho patu additional ga kontha amount contribute cheyala or premium kattina money ne copay and deductibles ki vadukovacha.  

If we have to contribute on top of monthly premium then how much can we do. 

you are getting confused between insurance premium and health saving account (HSA). insurance premium is payment towards towards medical insurance. HSA is pretaxes amount that you set aside from your pay check for medical expenses. employer also pay some amount yearly to that account. money in this account can usually be invested also