For what it's worth. My experience with ObamaCare

[actaeon277]

How about the part in which distribution is according to individual contribution? You work more, you get more. You do nothing, you get nothing.

I've never heard of that socialism.


"There are many varieties of socialism and there is no single definition encapsulating all of them"

"In the Marxist theory of historical materialism, it is predicted that further advances in technology and the productive forces will give rise to a more advanced stage of development referred to as communism, a society in which classes and the state are no longer present, and there is access abundance to final goods, and thus distribution is based on to each according to his need."

to each, according to his need. Not predicated on input.

 

[Tsigos]

If you have leftover money in an HSA does it get forfeited or rolled over to the next year?

It rolls over and remains available to pay qualified medical expenses. The amount rolled over does not count against your maximum allowed contribution.

 

[ATOMonkey]

It rolls over and remains available to pay qualified medical expenses. The amount rolled over does not count against your maximum allowed contribution.

Exactly. The HSA is Health Savings Account. It works just like any other savings account. It earns interest tax free (although rates SUCK right now), and you can accumulate as much as you like in it. You can only contribute an IRS maximum allowable pre-tax dollars though. However, if you are over the age of, I believe 50, you can make additional make-up contributions. Not sure on the taxes when doing make-up contributions. You can also roll your HSA into mutual funds once you get over $10k or so saved in your account to earn an even higher interest rate, also tax free.

I have a debit card that I use with my HSA for all my medical expenses. Most (if not all) stores will automatically let you know if what you are buying is an acceptable purchase (according to the IRS again). All doctor visits, prescriptions, and sometimes OTC medication is acceptable for HSA expenses. It's very easy.

Now, the only place it gets tricky is on your taxes. The bank that handles your HSA will report to the IRS all deductions (distributions) from your account for the year. They report this on a 1099 I believe. However much they say you took out of your account HAS to match your qualified non reimbursed medical expenses. Else, you get hit with a tax penalty. The form is complicated for no good reason. And if you don't fill out your distributions and expenses properly you get a nice letter in the mail from the IRS. Ask me how I know. If the IRS were a business they wouldn't last longer than 2 weeks. HORRIBLE customer support... Anyway, as long as everything balances to zero and is properly reported, they'll leave you alone.