- cross-posted to:
- politics
- cross-posted to:
- politics
These US healthcare systems are effectively scams. Yes in theory they can save you money, however in theory there is no difference between theory and practice, while in practice there is.
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Of course it's a scam. "We'll keep your money for ourselves and never give it back if you don't spend it this calendar year"? Get the fuck out of here! That's not to mention the hurdles they make you jump through every time you actually use it, having to upload or mail receipts, fill out forms, etc..
It’s not even necessarily by calendar year, as Breunig and many others find out the hard way.
It works incredibly well for my family. We can put $3,200 in the FSA next year and not get taxed on it as well as spend the money tax free. You can buy cold medicine, advil, go to the dentist, go to the doctor, etc.
Haven't had the time to watch the entire video yet, but is there an actual mention of HSA? The video seems to be specifically about FSA and its use-it-or-lose-it policy. I'm currently on an HSA as it seems to be the best option in the current system for someone who is still relatively healthy and doesn't get sick or need to go to the doctor often. I'd be curious to know what the risks are.
Unfortunately his talk is almost entirely about FSA. Here’s a word of caution about HSA from CNBC: 91% of people with health savings accounts make this mistake
- Just 9% of health savings account owners invest a portion of their funds, according to the Employee Benefit Research Institute. The rest, 91%, hold cash.
- Ideally, savers would treat HSAs like a retirement account, by investing for future health costs in old age.
- However, HSA investing may not be available to everyone. Doing so would mean paying out of pocket for short-term health expenses to let money grow.
The private financial company—which you don’t get to choose—gets its cut as well, in fees, some which are hidden.
I’m currently on an HSA as it seems to be the best option in the current system for someone who is still relatively healthy and doesn’t get sick or need to go to the doctor often.
It’s a gamble we shouldn’t have to be making. We’re healthy until we’re suddenly, unexpectedly not.
HSAs are mentioned towards the middle in listing the complications of FSA variants
They are a scam, but they are also yet another tax loophole for people that are rich enough to be unconcerned with the broken healthcare system. They are pushed by the investment banks that actually manage all that money and large corporations sign their employees up for these plans because they count as "providing healthcare," so they aren't penalized, also the various HR departments and other C-Suite execs get huge kickbacks and bonuses for cutting employee costs.
They suck in more ways then just stealing people's money.
What’s funny is that, if you’re rich enough to take advantage of it, the advantages that it provides are kinda small potatoes, especially considering the BS paperwork they require.
That is true. But if you are rich enough to take advantage of it, you aren't necessarily handling your own finances personally. This doesn't mean you are a billionaire, merely a <10millionaire or "middle-class" as the Democrats would say. The same people who were clamoring for pell grants for entrepreneurs who operate a business in a disadvantaged area for 3 years. Or the people who can afford to "run" a non-profit while they are attending Harvard or whatever.
Basically if you don't need it, it's trivial to benefit from it.