Just an additional information, Once you set up the HDHP(HSA) if you invest the money in any index funds and allow it to grow. Meanwhile pay the medical expenses with after tax $, but if you save the receipts, Technically you can reimburse yourself from the HSA(original contribution + tax free earnings) anytime in the future(say 10 years later) without any tax penalty. This is only recommended if you have after tax money to pay your current medical expenses.
Thanks for the video , could u clarify how to invest HSA money into index funds , while doing so , we can’t use HSA money for reimbursement or medical expenses ??! Thanks!
Another on important advantage about my company is they match up to $1000 max in a year for a HDHP plan with family .this money I would loose if I don't opt for it so be cognizant of the HSA plan :-)
if you except more medical bills or no medical bill(health is good) then go for HDHP.. there is no co pay and also pharmacy spending also included in the out of pocket.. no Tax for HSA amount and plan premium is less. If you plan for baby, I think HDHP is good..
one information i got..not sure if its true...lets say .we keep aside 5000 usd for fsa...from jan 1...5000 is available for spending..lets say a person contributes fsa in two paychecks jan 15 n jan 31 ..and leaves job 1st week of feb. it seems they can use all 5000 usd i their card and quit..they wont be charged the pending fsa balance..and company takes the hit..is this true?.. also i heard vitamin tablets are not covered in hsa n fsa unless doctor provides letter
@@ArthiPrem Hi Prem, Thanks for this video and great content Can you answer for above Q considering yes for both your question? (1) We come back (2) We don't come back
Yes if we come back we can use the amount any time no issues at all If we are going for good better to withdrawal the money and pay the tax plus 20% penalty… when you plan to move for good, better to leave during the first or second quarter of the year so we can get the lesser tax bracket and save some money
Bro, thanks for the info. I have a question. This year, I have HSA account and high deductible plan with my employer. But next year I am expecting high medical expenses. So I want to move low deductible plan. That time what is the status of my HSA account and what happen the money in HSA account? Can I use that money if I move to low deductible plan?
Yes , you can use the money in HSA, however if you are 100% sure you will incur medical expense next year, then better to get a FSA next year as Arti Prem did. The money in HSA will keep growing(if invested). So keep the money in HSA as long as you can.
As vetri bro said You can use the HSA amount at any time even if you had low deductible plan But you can’t contribute the amount into HSA account if you have low deductible plan
U contribute to HSA they will give u a debit card then use it for ur bills and all qualified medical expences be it buying a Tylenol from wallgreens or a sanitary napkin for women or kids diapers .For exp if u spend on sometpenalty. Like a cookie or cool drink u would get penality.
Good info Bro.. my employer offers only HDHP plan. We are expecting in Jan ‘23. All my obgyn related expenses are falling this year and I have to pay out of pocket until deductible is met .. as we know , the day of child birth is the biggest expense day and it falls next year where my deductible limits gets reset.. this doesn’t appear fair. Does the insurance companies treat pregnancy as a single episode ? Thanks in advance for useful responses !!!
Most hospitals will bill you only “Global bill” which means 1 bill for the entire pregnancy(including obgyn visits). Prenatal visits for 2022 will be billed separately only if you change insurance provider. Please check if they provide 1 bill instead of per visit bills.
Hi bro , you are in the good position Please follow the below steps Since you had the HDHP plan please open HSA account and maximize the yearly limit such as 7300$.. Though they are getting the out of pocket in the installment they will be using for the money for your pregnancy medical bill which is after u opened the HSA account Once you put the maximum/whatever amount to the HSA account, talk to your OBGYN office and ask them to refund the existing unused amount which u paid as the installment and ask to deduct from HSA card, some of them will do definitely.. If they say no , no issues just calculate how much installment money you paid for your pregnancy bill, just talk to them they will give the detailed bill which helps you to reimburse to HSA account after your pregnancy… Going forward use your HSA money You can save lot of tax money Congratulations for your new one Please convey our wishes to your entire family bro 🎊🎊🎊
@@kulaveeran2040 Bro..This is Excellent Info. Never knew such a thing called "Global Bill" existed until I saw your response. I just noticed that OBGYN has been charging me only for the Ultrasound visits (excluded from Global billing) and they have not charged for Dr Visits so far. So as you said, these Prenatal Dr Visits will be combined with the delivery bill next year. Greatly relieved. Thanks again to you and @Arthi Prem as well.
@@ArthiPrem Bro..Thank you So Much for your detailed response!!!! I already have a HSA account from my employer since they offer only HDHP plan and they also make a contribution in the beginning of every year. I was a stingy contributor to HSA in the past years until I watched one of Vijay Mohan's (Investment Insights Channel) video. So from this year onwards I am maximizing the HSA contribution. With the recent Stock market correction, my HSA is down a bit. So I am going to pay the bills directly without using HSA but I will save the receipts/EOBs. It seems like I can reimburse from HSA anytime in the next 10 years. Again thanks for what you both doing to our community here in the US!!. 🙏
@@ArthiPrem super..but the thing is its only for high deductible plans..if we emd up.visiting doctors 10 times a year...the cost will be high... a normal pcp visit will cost 350 ji..specialist naa keka venaam...
Hi prem brother, we are currently working in gulf and earning 11000$pm without any tax… now getting offer in USA New York City so guide me how much salary I should demand there which is equivalent to my salary here… I don’t know about the tax and expenses like cost of living there…. Help me to take a decision
You will pay around 30-35% of your income in taxes based on tax filing as single/married/salary slab etc.. Indians usually stay in New jersey border and commute to NYC to avoid additional NYC city tax which is around 3% . A 2bedroom apartment would cost you close to 2500 usd/month. Plus additional living expenses based on your lifestyle. For safety, factor in 35% in (taxes and some retirement savings) + 2,500$ rent + 1,000$ living expenses and see how it compares with your savings.
Hi bro , I live in Texas next year I’m expecting baby I don’t have amount in hsa … for next year enrollment which is best 1. Hsa with high deductible 2. Low deductible plan What’s your suggestion as you gone through this already Thanks bro
Hi bro When you are expecting the baby it’s better to go low deductible plan and open FSA which has the limit of 3050 and its the tax savings account too.. but please do the calculation between 2 plans , like calculate the premium paying between the plans and how much deductible and out of pocket money
Treat your HSA account as your additional retirement funding for your medical benefits. Don’t spend any money right now, invest and grow as tax free money withdraw
Just an additional information, Once you set up the HDHP(HSA) if you invest the money in any index funds and allow it to grow. Meanwhile pay the medical expenses with after tax $, but if you save the receipts, Technically you can reimburse yourself from the HSA(original contribution + tax free earnings) anytime in the future(say 10 years later) without any tax penalty. This is only recommended if you have after tax money to pay your current medical expenses.
Yes you are right bro
Good information
Thank u so much 🙏🙏
Thanks for the video , could u clarify how to invest HSA money into index funds , while doing so , we can’t use HSA money for reimbursement or medical expenses ??! Thanks!
The HSA providers will give the investment options and You can use the investment and earnings money for medical expenses 👍👍
அருமை!
Great info
Just today I saw your old HSA video.
Thanks it’s very useful video
Thanks raja bro
Another on important advantage about my company is they match up to $1000 max in a year for a HDHP plan with family .this money I would loose if I don't opt for it so be cognizant of the HSA plan :-)
Yes many companies provided the benefits
if you except more medical bills or no medical bill(health is good) then go for HDHP.. there is no co pay and also pharmacy spending also included in the out of pocket.. no Tax for HSA amount and plan premium is less. If you plan for baby, I think HDHP is good..
one information i got..not sure if its true...lets say .we keep aside 5000 usd for fsa...from jan 1...5000 is available for spending..lets say a person contributes fsa in two paychecks jan 15 n jan 31
..and leaves job 1st week of feb.
it seems they can use all 5000 usd i their card and quit..they wont be charged the pending fsa balance..and company takes the hit..is this true?.. also i heard vitamin tablets are not covered in hsa n fsa unless doctor provides letter
What to do with HSA account if we move back to India !. anyone know ?
For good? Or planning to come again ?
@@ArthiPrem Hi Prem, Thanks for this video and great content
Can you answer for above Q considering yes for both your question?
(1) We come back
(2) We don't come back
@@ArthiPrem It's for good option only required .. If we know we come back, we can still use HSA. so no doubt on that topic.
@@rajadhandapani1241 we come back - means you can use the HSA account assuming you know already that you will come back
Yes if we come back we can use the amount any time no issues at all
If we are going for good better to withdrawal the money and pay the tax plus 20% penalty… when you plan to move for good, better to leave during the first or second quarter of the year so we can get the lesser tax bracket and save some money
Bro.. December prediction podunga.. tomorrow or today we might get December bulletin
December bulletin will be out today
Hai nga
I am a housewife.. are there any jobs from home like data entry below 2500$???
Bro, thanks for the info. I have a question. This year, I have HSA account and high deductible plan with my employer. But next year I am expecting high medical expenses. So I want to move low deductible plan. That time what is the status of my HSA account and what happen the money in HSA account? Can I use that money if I move to low deductible plan?
Yes , you can use the money in HSA, however if you are 100% sure you will incur medical expense next year, then better to get a FSA next year as Arti Prem did. The money in HSA will keep growing(if invested). So keep the money in HSA as long as you can.
As vetri bro said
You can use the HSA amount at any time even if you had low deductible plan
But you can’t contribute the amount into HSA account if you have low deductible plan
Thanks for clearing...
I watched to get to know your pregnancy expenses and how you managed with HSA. I couldn't find it
U contribute to HSA they will give u a debit card then use it for ur bills and all qualified medical expences be it buying a Tylenol from wallgreens or a sanitary napkin for women or kids diapers .For exp if u spend on sometpenalty. Like a cookie or cool drink u would get penality.
Good info Bro.. my employer offers only HDHP plan. We are expecting in Jan ‘23. All my obgyn related expenses are falling this year and I have to pay out of pocket until deductible is met .. as we know , the day of child birth is the biggest expense day and it falls next year where my deductible limits gets reset.. this doesn’t appear fair. Does the insurance companies treat pregnancy as a single episode ? Thanks in advance for useful responses !!!
Most hospitals will bill you only “Global bill” which means 1 bill for the entire pregnancy(including obgyn visits). Prenatal visits for 2022 will be billed separately only if you change insurance provider. Please check if they provide 1 bill instead of per visit bills.
Hi bro , you are in the good position
Please follow the below steps
Since you had the HDHP plan please open HSA account and maximize the yearly limit such as 7300$..
Though they are getting the out of pocket in the installment they will be using for the money for your pregnancy medical bill which is after u opened the HSA account
Once you put the maximum/whatever amount to the HSA account, talk to your OBGYN office and ask them to refund the existing unused amount which u paid as the installment and ask to deduct from HSA card, some of them will do definitely..
If they say no , no issues just calculate how much installment money you paid for your pregnancy bill, just talk to them they will give the detailed bill which helps you to reimburse to HSA account after your pregnancy…
Going forward use your HSA money
You can save lot of tax money
Congratulations for your new one
Please convey our wishes to your entire family bro 🎊🎊🎊
@@kulaveeran2040 Bro..This is Excellent Info. Never knew such a thing called "Global Bill" existed until I saw your response. I just noticed that OBGYN has been charging me only for the Ultrasound visits (excluded from Global billing) and they have not charged for Dr Visits so far. So as you said, these Prenatal Dr Visits will be combined with the delivery bill next year. Greatly relieved. Thanks again to you and @Arthi Prem as well.
@@ArthiPrem Bro..Thank you So Much for your detailed response!!!! I already have a HSA account from my employer since they offer only HDHP plan and they also make a contribution in the beginning of every year. I was a stingy contributor to HSA in the past years until I watched one of Vijay Mohan's (Investment Insights Channel) video. So from this year onwards I am maximizing the HSA contribution. With the recent Stock market correction, my HSA is down a bit. So I am going to pay the bills directly without using HSA but I will save the receipts/EOBs. It seems like I can reimburse from HSA anytime in the next 10 years.
Again thanks for what you both doing to our community here in the US!!. 🙏
Yes bro
You can reimburse HSA anytime which is the great benefits 🙌🙌🙌
What is the minimum contribution?
There is no minimum contribution
can hsa be used for over the counter medication like probiotics..vitamin
can we use it in costco
I have used in walgreens.. on the counter they will say whether the product is Eligible for HSA and its helped me too find it easily
@@ArthiPrem super..but the thing is its only for high deductible plans..if we emd up.visiting doctors 10 times a year...the cost will be high... a normal pcp visit will cost 350 ji..specialist naa keka venaam...
Hi prem brother, we are currently working in gulf and earning 11000$pm without any tax… now getting offer in USA New York City so guide me how much salary I should demand there which is equivalent to my salary here… I don’t know about the tax and expenses like cost of living there…. Help me to take a decision
You will pay around 30-35% of your income in taxes based on tax filing as single/married/salary slab etc.. Indians usually stay in New jersey border and commute to NYC to avoid additional NYC city tax which is around 3% .
A 2bedroom apartment would cost you close to 2500 usd/month. Plus additional living expenses based on your lifestyle.
For safety, factor in 35% in (taxes and some retirement savings) + 2,500$ rent + 1,000$ living expenses and see how it compares with your savings.
For ms student , which a/c is suitable?
if fsa is that bad..y theres fsa .
no one will.go for it right
No its not bad
Its having The own advantages .. say if anyone has low deductible plan they can open FSA as a tax savings tool for the medical expenses
Hsa option ilanga companyla. I can see only fsa
If your plan is HDHP then you can open outside too
Hi bro , I live in Texas next year I’m expecting baby I don’t have amount in hsa … for next year enrollment which is best
1. Hsa with high deductible
2. Low deductible plan
What’s your suggestion as you gone through this already
Thanks bro
At 2:28 he is explaining it
Yah but he told he used hsa .. So checking @aarthi Prem bro ?
Hi bro
When you are expecting the baby it’s better to go low deductible plan and open FSA which has the limit of 3050 and its the tax savings account too..
but please do the calculation between 2 plans , like calculate the premium paying between the plans and how much deductible and out of pocket money
@@ArthiPrem thank you so much bro you are always kind and helpful…
Feel free to connect me if your need any help in Dallas-Plano , TX
Thanks again!
Treat your HSA account as your additional retirement funding for your medical benefits. Don’t spend any money right now, invest and grow as tax free money withdraw