115 votes
Accepted

How can I get a job without pushing my family's income into a higher tax bracket?

The tax return of a dependent does not flow to the parents return. Earned income is taxed at your own rate, up to $12,000 tax free. for your own standard deduction, but unearned income is taxed at ...
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92 votes
Accepted

Ballpark salary equivalent today of "healthcare benefits" in the US?

As a contractor, I have done this exact calculation many times so I can compare full time employment offers when they come. The answer varies greatly depending on your situation, but here's how to ...
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  • 45.2k
88 votes

How can I get a job without pushing my family's income into a higher tax bracket?

To be clear, this has nothing to do with tax brackets. (There's a longstanding belief that getting into a higher income bracket will increase taxes on all your income, when that bracket just applies ...
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  • 4,293
29 votes

Do I have to pay a medical bill when the ER never submitted it for an insurance claim?

Waiting two years is weird. However it's possible that this whole thing got a 15-month "pause" because of the pandemic, and that would make the timing more plausible. Regardless, do not let ...
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24 votes

Do birth defects in children count as pre-existing conditions?

No. Since 2014, the concept of pre-existing conditions affecting coverage or rates no longer exists in the US: Under current law, health insurance companies can’t refuse to cover you or charge you ...
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  • 45.2k
24 votes

Do I have to pay a medical bill when the ER never submitted it for an insurance claim?

In addition to Harper's answer, if the insurance company also gives you the runaround, here are some reasonable next steps: Write down everything. Focus on the facts; don't editorialize or write your ...
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  • 476
23 votes

How can I get a job without pushing my family's income into a higher tax bracket?

I feel like it's worth talking about the "tax bracket" part of this question, as it's a common misconception. Let's suppose we're dealing with a simple tax system with two brackets: 20% up to $100,...
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  • 523
21 votes
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Which is better: Employer-sponsored HSA or opening an HSA individually?

The big difference for me is that my contribution thorough a cafeteria plan also skips Social Security and Medicare taxes. That is a 6.2% (SS) + 1.45% (Medicare) tax on those contributions if done ...
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21 votes
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Minimizing medical costs with HSA

There's an annual contribution limit, for 2019 it is $3,500 single/$7,000 family. Otherwise, it's fine to match future contributions to prior or planned qualifying expenses so long as the account was ...
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  • 62.9k
20 votes
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Is it worth saving HSA funds until retirement?

Yes, absolutely. The HSA, when used for medical expenses, allows you to essentially pay for your medical expenses tax free. Even if you don't have extra room in your budget, you can fund the HSA as ...
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19 votes
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Can you just cancel a health insurance plan and buy a new one at any time?

In the United States you only have two ways to switch insurance: during an annual open season in the period around a qualifying life event. This is to force people to maintain their level of ...
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17 votes
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What is the rationale behind an FSA being "Use it or Lose it"?

The FSA, in contrast to the HSA, is not an "account" that you put money in. FSA stands for "Flexible Spending Arrangement," not "Account." Technically, it is a defined-benefit plan. Here is the ...
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14 votes

Is it worth saving HSA funds until retirement?

Is it worth saving HSA funds until retirement? Yes Are there pros and cons from a tax perspective? Mostly pros. This has all of the benefits of an IRA, but if you use it for medical expenses ...
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14 votes

Do birth defects in children count as pre-existing conditions?

From Wikipedia: In the context of healthcare in the United States, a pre-existing condition is a medical condition that started before a person's health benefits went into effect. So in your ...
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  • 113k
13 votes
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Can I pay myself back later in the year if my HSA doesn't have adequate funds earlier in the year to pay for an expense?

Can I pay myself back later in the year if my HSA doesn't have adequate funds earlier in the year to pay for an expense? Yes. You can request a distribution for any qualified medical expenses that ...
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  • 62.9k
13 votes

Does an HSA have to be used exclusively for medical expenses

I just want to point out that your question implies a misunderstanding, even though you didn't explicitly mention it: I had an HSA last year. This year I have health insurance through ACA. The ...
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  • 45.2k
12 votes

Does an HSA have to be used exclusively for medical expenses

If you want the tax benefits of the funds, yes, they must be used for qualified medical expenses as defined by the IRS. You can withdraw funds whenever you want, for any reason, but if they are not ...
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11 votes
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Is this HSA too good to be true?

Here are the answers to your questions, from easiest to hardest. :) If I leave a HSA plan to join a PPO in the future does my saved money vanish? No, your money does not vanish. Your HSA is ...
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11 votes

Ambulance Fees and Insurance

You need to understand why it was not covered. It's possible there's an error in the billing. This could be something as simple as a missing tax id number. Earlier this year claims codes changed ...
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11 votes
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From a customer standpoint, does it make any financial difference to go to a non-profit hospital or a for-profit hospital?

I wonder the following: from a customer standpoint, does it make any financial difference to go to a non-profit hospital or a for-profit hospital? The number one concern is "is the hospital in-...
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10 votes
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What is the benefit of a private healthcare insurance in the UK?

Health Insurance/Private Medical Insurance in the UK is a luxury not a requirement The NHS in the UK is funded through National Insurance and general taxation that is taken from pay at source (...
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10 votes

Does an HSA have to be used exclusively for medical expenses

Yes, it must be for a qualified medical expense. Qualified medical expenses are those expenses that generally would qualify for the medical and dental expenses deduction. These are explained in ...
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  • 2,063
9 votes
Accepted

How to determine how much to keep in a health savings account

There are few different things to consider: Deductible : Since you have an HSA you are probably on a High Deductible insurance plan. Take a look at your HSA balance and divide by your max out of ...
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  • 6,989
9 votes
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For medical charges, how much does insurance company pay?

Because of some of the terms you used in your question I am assuming a US focused question. When you go to an in-network doctor, all the rates have been negotiated. That $157.64 reflects that. They ...
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8 votes

Can I deduct my individual Health Insurance Premium in Tax

Yes, you can. See the instructions for line 29 of form 1040. Self employed health insurance premiums are an "above the line" deduction.
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  • 127k
8 votes

Got charged ridiculous amount for doctor's walk in visit. What are my options?

Some doctors will give folks who are not covered by insurance a price break. If that describes you, you could ask. But if you didn't discuss the price in advance, that isn't the doctor's fault, any ...
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  • 31.8k
8 votes
Accepted

Got charged ridiculous amount for doctor's walk in visit. What are my options?

You should start by calling the clinic and asking them to tell you how the visit was coded. Some clinics have different billing codes based on the complexity of the visit. If you have one thing you ...
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  • 45.2k
7 votes
Accepted

Affordable Care Act Documentation

For 2014, you will not get explicit documentation indicating your coverage. However, for 2015 (filing in 2016 calendar year), you should. From the IRS Health Coverage information page that Pete ...
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  • 34.6k
7 votes
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Medical bill in collections

I am sorry for your troubles. Presumably, you are feeling better which is the best possible outcome. You project that you are an honest person and desire to seek a fair outcome although you were ...
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  • 74.9k
7 votes

Ballpark salary equivalent today of "healthcare benefits" in the US?

As others have said, it depends entirely on what benefits are provided, and how much of the cost of those benefits is paid by the employer and how much is paid by the employee, and compare that to ...
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