So I have a HSA with HDHP. My wife and I are currently considering having kids next year and our plan's options are going to be changing soon I believe.
Our new company HDHP will make us pay the first $7k then pay 20% of the fees up to a total of $10k. Our old plan was significantly better.
I was considering switching out of the HSA and going to regular insurance (costs aren't out yet as they are currently being negotiated) but the deductible would be $5k with 20% up to $8k. The monthly contributions are TBD as described above. The switching out of the plan is in November so I have time to think about it.
If I stayed with the HSA, I'd pay any medical costs straight out of pocket and continue to use my HSA as another retirement vehicle but this leaves me a bit hesitant with costs coming up in the future.
If you were in my shoes, would you stick with the HSA or going to the regular insurance plan? If not the HSA, I'm a bit confused what happens to the 2 years that I've maxed out the HSA. Does it become an IRA and I lose my ability to do backdoor Roths? An explanation would be greatly beneficial. Thanks so much.
Our new company HDHP will make us pay the first $7k then pay 20% of the fees up to a total of $10k. Our old plan was significantly better.
I was considering switching out of the HSA and going to regular insurance (costs aren't out yet as they are currently being negotiated) but the deductible would be $5k with 20% up to $8k. The monthly contributions are TBD as described above. The switching out of the plan is in November so I have time to think about it.
If I stayed with the HSA, I'd pay any medical costs straight out of pocket and continue to use my HSA as another retirement vehicle but this leaves me a bit hesitant with costs coming up in the future.
If you were in my shoes, would you stick with the HSA or going to the regular insurance plan? If not the HSA, I'm a bit confused what happens to the 2 years that I've maxed out the HSA. Does it become an IRA and I lose my ability to do backdoor Roths? An explanation would be greatly beneficial. Thanks so much.
Comment