Health Savings Account

[Ratatosk]

With the talk under the transplant section, I was just wondering if other people have set up trusts, health savings accounts for their children. We have a regular savings account (money market), which we contribute money to on a regular basis, but we want to set it up for DS' future expenses with the idea that it will only be used for his medical related expenses and hopefully won't count against him in the future when he might need disability insurance.

We orginally just set it up with the intention of paying for a portion of his vest -- whatever wasn't covered by insurance; however, our cost was significantly less -- $500 vs. the $3000 we'd thought. So we just keep adding money to the account -- spare change when our former vacation fund bank fills up, flexible spending reimbursement from medical and daycare....

Just wondering what others have done...

 

[Ratatosk]

With the talk under the transplant section, I was just wondering if other people have set up trusts, health savings accounts for their children. We have a regular savings account (money market), which we contribute money to on a regular basis, but we want to set it up for DS' future expenses with the idea that it will only be used for his medical related expenses and hopefully won't count against him in the future when he might need disability insurance.

We orginally just set it up with the intention of paying for a portion of his vest -- whatever wasn't covered by insurance; however, our cost was significantly less -- $500 vs. the $3000 we'd thought. So we just keep adding money to the account -- spare change when our former vacation fund bank fills up, flexible spending reimbursement from medical and daycare....

Just wondering what others have done...

 

[Ratatosk]

With the talk under the transplant section, I was just wondering if other people have set up trusts, health savings accounts for their children. We have a regular savings account (money market), which we contribute money to on a regular basis, but we want to set it up for DS' future expenses with the idea that it will only be used for his medical related expenses and hopefully won't count against him in the future when he might need disability insurance.

We orginally just set it up with the intention of paying for a portion of his vest -- whatever wasn't covered by insurance; however, our cost was significantly less -- $500 vs. the $3000 we'd thought. So we just keep adding money to the account -- spare change when our former vacation fund bank fills up, flexible spending reimbursement from medical and daycare....

Just wondering what others have done...

 

[Ratatosk]

With the talk under the transplant section, I was just wondering if other people have set up trusts, health savings accounts for their children. We have a regular savings account (money market), which we contribute money to on a regular basis, but we want to set it up for DS' future expenses with the idea that it will only be used for his medical related expenses and hopefully won't count against him in the future when he might need disability insurance.

We orginally just set it up with the intention of paying for a portion of his vest -- whatever wasn't covered by insurance; however, our cost was significantly less -- $500 vs. the $3000 we'd thought. So we just keep adding money to the account -- spare change when our former vacation fund bank fills up, flexible spending reimbursement from medical and daycare....

Just wondering what others have done...

 

[Ratatosk]

With the talk under the transplant section, I was just wondering if other people have set up trusts, health savings accounts for their children. We have a regular savings account (money market), which we contribute money to on a regular basis, but we want to set it up for DS' future expenses with the idea that it will only be used for his medical related expenses and hopefully won't count against him in the future when he might need disability insurance.
<br />
<br />We orginally just set it up with the intention of paying for a portion of his vest -- whatever wasn't covered by insurance; however, our cost was significantly less -- $500 vs. the $3000 we'd thought. So we just keep adding money to the account -- spare change when our former vacation fund bank fills up, flexible spending reimbursement from medical and daycare....
<br />
<br />Just wondering what others have done...

 

[Liza]

Hi Liza, it is so funny you mention this because I was just talking to my husband about this very thing the other day. The "what if" account. If we should try and set one up for Anna for transplant meds. for later on, one day if she ever is without insurance etc, for Rachel if the day arrives that she needs a transplant or just doesn't have insurance or good insurance. He brought up a good point I hadn't thought of but should have. Example, Anna is on SSI, if we set up a trust in her name then her SSI could be reduced or cut off because she "has" money. She can't even own a car because it's considered an asset.

We aren't sure who to talk to about how to go about setting up something for later but figure we'll start with our tax guy.

Perhaps Blonde Lawyer might have some ideas? I think I saw her on here not long ago (post ban, I think she was one that was but is now back?)

I look forward to anyone elses ideas.

 

[Liza]

Hi Liza, it is so funny you mention this because I was just talking to my husband about this very thing the other day. The "what if" account. If we should try and set one up for Anna for transplant meds. for later on, one day if she ever is without insurance etc, for Rachel if the day arrives that she needs a transplant or just doesn't have insurance or good insurance. He brought up a good point I hadn't thought of but should have. Example, Anna is on SSI, if we set up a trust in her name then her SSI could be reduced or cut off because she "has" money. She can't even own a car because it's considered an asset.

We aren't sure who to talk to about how to go about setting up something for later but figure we'll start with our tax guy.

Perhaps Blonde Lawyer might have some ideas? I think I saw her on here not long ago (post ban, I think she was one that was but is now back?)

I look forward to anyone elses ideas.

 

[Liza]

Hi Liza, it is so funny you mention this because I was just talking to my husband about this very thing the other day. The "what if" account. If we should try and set one up for Anna for transplant meds. for later on, one day if she ever is without insurance etc, for Rachel if the day arrives that she needs a transplant or just doesn't have insurance or good insurance. He brought up a good point I hadn't thought of but should have. Example, Anna is on SSI, if we set up a trust in her name then her SSI could be reduced or cut off because she "has" money. She can't even own a car because it's considered an asset.

We aren't sure who to talk to about how to go about setting up something for later but figure we'll start with our tax guy.

Perhaps Blonde Lawyer might have some ideas? I think I saw her on here not long ago (post ban, I think she was one that was but is now back?)

I look forward to anyone elses ideas.

 

[Liza]

Hi Liza, it is so funny you mention this because I was just talking to my husband about this very thing the other day. The "what if" account. If we should try and set one up for Anna for transplant meds. for later on, one day if she ever is without insurance etc, for Rachel if the day arrives that she needs a transplant or just doesn't have insurance or good insurance. He brought up a good point I hadn't thought of but should have. Example, Anna is on SSI, if we set up a trust in her name then her SSI could be reduced or cut off because she "has" money. She can't even own a car because it's considered an asset.

We aren't sure who to talk to about how to go about setting up something for later but figure we'll start with our tax guy.

Perhaps Blonde Lawyer might have some ideas? I think I saw her on here not long ago (post ban, I think she was one that was but is now back?)

I look forward to anyone elses ideas.

 

[Liza]

Hi Liza, it is so funny you mention this because I was just talking to my husband about this very thing the other day. The "what if" account. If we should try and set one up for Anna for transplant meds. for later on, one day if she ever is without insurance etc, for Rachel if the day arrives that she needs a transplant or just doesn't have insurance or good insurance. He brought up a good point I hadn't thought of but should have. Example, Anna is on SSI, if we set up a trust in her name then her SSI could be reduced or cut off because she "has" money. She can't even own a car because it's considered an asset.
<br />
<br />We aren't sure who to talk to about how to go about setting up something for later but figure we'll start with our tax guy.
<br />
<br />Perhaps Blonde Lawyer might have some ideas? I think I saw her on here not long ago (post ban, I think she was one that was but is now back?)
<br />
<br />I look forward to anyone elses ideas.
<br />
<br />

 

[bagged2drag]

I'm not sure how much help this will be, but I will give you as much info as I am aware of. As far as HSA's, a person is only able to participate if they have a qualifying high deductible health plan.The good? Your money is your money, and you won't lose it after the end of the year. Unfortunately, without the high deductible insurance plan, most people wont qualify for this type of account. Even if you are eligible, there are caps for how much a person can contribute in one years time.

FSA's, on the other hand, are often available to anyone, but are usually acquired through an employer. The advantage of an FSA is that you don't need a high deductible plan. The HUGE drawback though? If you don't spend the money at the end of the calender year,you lose whatever funding was left in the account. This calls for good planning, and a risk that you may lose some money.

Probably the safest bet is what you are doing. The money is then earning interest, and is available almost any time. Some money market accounts even let you draw early without any penalties.

If you get any more info, let me know as well.

 

[bagged2drag]

I'm not sure how much help this will be, but I will give you as much info as I am aware of. As far as HSA's, a person is only able to participate if they have a qualifying high deductible health plan.The good? Your money is your money, and you won't lose it after the end of the year. Unfortunately, without the high deductible insurance plan, most people wont qualify for this type of account. Even if you are eligible, there are caps for how much a person can contribute in one years time.

FSA's, on the other hand, are often available to anyone, but are usually acquired through an employer. The advantage of an FSA is that you don't need a high deductible plan. The HUGE drawback though? If you don't spend the money at the end of the calender year,you lose whatever funding was left in the account. This calls for good planning, and a risk that you may lose some money.

Probably the safest bet is what you are doing. The money is then earning interest, and is available almost any time. Some money market accounts even let you draw early without any penalties.

If you get any more info, let me know as well.

 

[bagged2drag]

I'm not sure how much help this will be, but I will give you as much info as I am aware of. As far as HSA's, a person is only able to participate if they have a qualifying high deductible health plan.The good? Your money is your money, and you won't lose it after the end of the year. Unfortunately, without the high deductible insurance plan, most people wont qualify for this type of account. Even if you are eligible, there are caps for how much a person can contribute in one years time.

FSA's, on the other hand, are often available to anyone, but are usually acquired through an employer. The advantage of an FSA is that you don't need a high deductible plan. The HUGE drawback though? If you don't spend the money at the end of the calender year,you lose whatever funding was left in the account. This calls for good planning, and a risk that you may lose some money.

Probably the safest bet is what you are doing. The money is then earning interest, and is available almost any time. Some money market accounts even let you draw early without any penalties.

If you get any more info, let me know as well.

 

[bagged2drag]

I'm not sure how much help this will be, but I will give you as much info as I am aware of. As far as HSA's, a person is only able to participate if they have a qualifying high deductible health plan.The good? Your money is your money, and you won't lose it after the end of the year. Unfortunately, without the high deductible insurance plan, most people wont qualify for this type of account. Even if you are eligible, there are caps for how much a person can contribute in one years time.

FSA's, on the other hand, are often available to anyone, but are usually acquired through an employer. The advantage of an FSA is that you don't need a high deductible plan. The HUGE drawback though? If you don't spend the money at the end of the calender year,you lose whatever funding was left in the account. This calls for good planning, and a risk that you may lose some money.

Probably the safest bet is what you are doing. The money is then earning interest, and is available almost any time. Some money market accounts even let you draw early without any penalties.

If you get any more info, let me know as well.

 

[bagged2drag]

I'm not sure how much help this will be, but I will give you as much info as I am aware of. As far as HSA's, a person is only able to participate if they have a qualifying high deductible health plan.The good? Your money is your money, and you won't lose it after the end of the year. Unfortunately, without the high deductible insurance plan, most people wont qualify for this type of account. Even if you are eligible, there are caps for how much a person can contribute in one years time.
<br />
<br /> FSA's, on the other hand, are often available to anyone, but are usually acquired through an employer. The advantage of an FSA is that you don't need a high deductible plan. The HUGE drawback though? If you don't spend the money at the end of the calender year,you lose whatever funding was left in the account. This calls for good planning, and a risk that you may lose some money.
<br />
<br />Probably the safest bet is what you are doing. The money is then earning interest, and is available almost any time. Some money market accounts even let you draw early without any penalties.
<br />
<br />If you get any more info, let me know as well.