9 to 5
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Benefits offered by job
I also posted this on MM. I was wondering if anyone here knew about HSA (Health Savings Plans). I do not know anything about them. The prospective employer told me that you contribute either up front or via your paycheck and that is is about $3,500 per year and rolls over if you don't use it. Also that they pay half the premium.
Can anyone explain how this workds? Do you get a card? Do you pay via your own credit card or checking account?
If I were to be offered the job, what type of questions should I ask about this.
TIA!!
Re: Benefits offered by job
There are two kinds of programs. There is the Flex Spending (aka cafeteria plan, FSA) and then there is a Health Savings account (HSA).
For your situation being you are asking about a HSA, I will explain that and how it differs from FSA. Two big things in difference are
1)the HSA money is your money, you will never lose it and since you own the account, you can withdraw money at any time either by going to the bank, a checkbook or a debit card. 2)you cannot use the money until its there.
Flex:is use it or lose it but you can request reimbursement Jan 1st for the entire amount you elected provided you have a receipt for that amount.
HSA: can only use it as its there, it carries over from year to year
If you have both there are rules on what you can use flex for, which i believe only dental and vision items can come out of Flex but anything medical including dental and vision can come out of HSA.
You are responsible for having proof when you use money out of your HSA, but to get reimbursement for Flex you have to provide the receipts to the plan administrator who cuts you a check.
ETA: examples: I am getting my wisdom teeth removed in February 1st. If I elect to Flex $2600 to pay for that (and have $100 deducted pretax on my payroll check), I can request reimbursement on February 2nd for the entire amount to pay for the procedure and they will cut me a check. However, if I put that money into and HSA, I will not be able to get that entire amount until the last payroll period of the year, but since the account is mine, I could take out the money after each payroll. Furthermore, say something goes wrong and you end up not having the procedure by the end of the year and that $2600 has not been spent, if it was in Flex you will lose the money, if its in HSA it will still be there.
My Plan (personal opinion and works for me): I am going to start building up my HSA next year for down the road when we start a family, but I will still plan to elect a small portion to Flex to pay for my vision and dental expenses every year.
To follow up on the bolded part - I believe there are limits the amount total you can elect to have withheld, but I have never heard of it being a set amount that you MUST do. However if they will match half of what you do, then I would elect the amount necessary to get their maximum match.
Thank you!
This was very helpful!
I have heard nothing but bad things about FSAs. This is definitely an HSA. I have heard mixed reviews of HSAs. I will definitely have the medical bills.
See, I love our FSA- we use it to pay our out of pocket contribution until we hit our deductible, and then we use it to cover our copays.
Hmmm, what would be bad about an FSA? Unless you choose to deduct too much and don't use it by the end of year deadline?? DH and I both have FSAs and have had nothing but good experiences.
For our claims, we could fill this out online and the reimbursement was automatically direct deposited to our account within 2-3 days.
We have alot of medical expenses, though- between copays for dental, vision and medical- as well as a $350 deductible.
I am pretty sure the people who had bad reviews on them (people I know IRL) had bad planning and management skills. They probably put too much in and lost it.