As a single male in my mid 20s living in Bellevue, what's the better health care plan and why? Trying to better understand the advantages of each plan. TC: 240
Depending on the number of members on your HSA plan , MS contributes a fixed amount towards your HSA account. In addition to that you may choose to contribute more. I think there is a limit on how much of the unused balance you can carry forward the following year.
Do you need an FSA if you have an HSA?
They are two different things completely. Bing it , to do more research !!
HSA is the way to go. If you don’t have a lot of medical expenses you can save up money in there to use as an additional tax free retirement vehicle. Once you reach 65 the money can be used for anything without penalty.
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How often do you go to the doctor/do you have disability insurance etc through our plans? The co-pay is relatively high for the Connect plan (relative to your likely use anyway - I’m 31 and haven’t gone to a doctor in years (I’m also an idiot, so take that in mind)); your HSP is more flexible and can be invested elsewhere if you don’t use it.
Admittedly, I dont understand these plans all that well. Do I have to contribute with my paychecks for the HSA? Or does Microsoft contribute to it regardless?
Both actually- you elect your contribution, and the company contributes as well. It’s not to the same level as a 401k 1:1 match, but they assist. I use it (the HSA) for regular visits, prescriptions, glasses, etc.