UHC HSA PPO, Delta Dental, VSP Core, Basic Life Insurance, Long-term and short-term disability (all 3 of those are required). I signed up for HSA and not FSA, but I MIGHT get braces in a few months... Also I am confused by "Long Term Disability - CIGNA Employer Premium Non - Taxable - Benefit Check Taxable (Employee)" vs "Long Term Disability - CIGNA Employer Premium Taxable - Benefit Check Non -Taxable (Employee)". Any clarification and advice on what I should get would help!! EDIT: In California.
If you choose to pay taxes on premiums(second option) , insurance payout will be tax free. Might be worth doing
Fsa let’s you choose your own doctors. Hsa means you are locked into only one plans providers. Hsa is generally cheaper but sucks when you you just want to see a specialist without going through the plans hoops. LTC is important for when you are older. Essentially more and more mental problems like Alzheimers. Problem is if you get it through your employer and you ever change jobs you have to start over. Better to get this on the private market although it is costlier
Hi! I can help you out. 1. HSA vs. FSA. An HSA is a Health Savings Plan that you can contribute pre-tax money to use for eligible health expenses. The other positive to the HSA Plan is that your contributions rollover into each year and you can continue to use them even if you are no longer on a the HSA Plan (note: use, but not contribute to). However, the downside of the HSA Plan is that it is connected to a High Deductible Health Plan, which means you will need to pay out of pocket on coinsurance until you reach that deductible. If you are a generally pretty healthy person that doesn't typically go to the doctor often, this could be a good option for you. Other than the contribution amount and High Deductible Health Plan connected to the HSA, the biggest difference between an FSA and HSA is that FSA funds are use it or lose it. Your contributions will not roll over each year and may only use those 2019 contributions until 12/31/2019 or you lose your money. Note: According to the IRS Code Section 213d, you can use your HSA to pay for braces. 2. The difference between Long Term Disability Taxable Benefit and Non-Taxable Benefit is how you pay (depending on if your employer has you pay a portion of this benefit or not) the employee portion of this benefit and how you are paid out. For LTD Taxable, you will pay your portion pre-taxed and the LTD payout is paid pre-tax (therefore taxed when paid out). LTD Non-taxable, you pay your portion after tax and the LTD payout is paid after tax (therefore non-taxable). Generally, this isn't a benefit you need to worry about too much since you need to be on Short Term Disability first for 90 days, before this benefit kicks in. Hope this helps!
Is there any scenario when FSA can be more applicable /useful over HSA?
Talk to your HR