If you are playing by the rules, then it’s on those who make the rules. There isn’t a wealth limit, it’s an income limit.
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and yet, it was deemed unfair in some way. basically if you can afford to pay full premiums you should. i’m sure they all take the standard deduction even when they’d pay less FIT by itemizing deductions (when applicable)…
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I wonder how far that extends. What if I work 36 hours/week because working 37 puts my income to where I lose SNAP benefits? Do I have to work more to become poorer because I can afford to?
SNAP’s actually an example where cliffs aren’t an issue. IIRC it tapers gradually. Unfortunately, the impact of the taper is to make a large number of people eligible for small benefits. I call this unfortunate since innumerate people look at the average benefit as evidence it isn’t sufficient as a program. It may or may not be sufficient, but the average ben isn’t why.
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Huh, indeed for my state it tapers more gradually than I realized. I thought it was a much more stepped program.
Another unemployed freeloader!!!
Yeah, fair. I’d be willing to bet that most of us here will pay way more than the median amount of FIT over our careers, even if we retire early. And more to Medicare, state taxes, etc.
Sounds like GOA has evolved from the AO in a positive way?
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I recall this conversation and you or someone else saying that by retiring early I would do that for someone else. I don’t have a problem with it at all (of course I’m joining in), if they wanted to means test the system they could try to (although I suppose people would try to game the system). The government clearly wants to give away healthcare to couples with less than 30K of income … so … I’ll try to align myself with that goal or pay more taxes if I can’t resist making more.
And can I just say yoyo - you have been way too much a stranger around here!!
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Been thinking about simplifying my banking as I currently have bank accounts in six different countries and its becoming a pain to track them all.
thanks. i may post a bit more from time to time, maybe not. i mainly lurk and observe
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Self-evident observation, I guess.
If there is on average more than one heir, doesn’t that lower inequality?
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Should I be leaving my HSA money in the account or using it to reimburse expenses through the year? Seems like a tradoff between deferring taxes and possibly facing a penalty to withdraw the money in the future for non-medical reasons. Maybe the latter should be a non-concern until I approach 6 figures in the HSA.
I understand the ideal math is ideal to pay upfront and save your receipts for all medical expenses across decades, then expense them all late in life when you need the money.
Realistically, I might expense a $1,000 procedure or $25 of pads if they’re the only thing I’m buying and I remember to, but I don’t worry about expensing $13 of DayQuil mixed in with groceries, and if I forgot for my $25 copay I don’t worry.
The HSA gradually creeps up, at a lesser rate than if I optimized.
I do this (save receipts), but I sometimes worry that if I died, no one else would know to take out the money penalty free. Got to leave this in my trust documents, I guess, once I do one.
none of you have an HSA credit card you use as expenses occur?
Yes, but my local grocery stores require me to run applicable charges as a second transaction.
Actually, one grocery store clerk helpfully insisted, repeatedly, that I could use my HSA card on the same transaction only for applicable items, then when it charged for $300 of groceries said, “Huh, I didn’t know it covered that. It’s your lucky day!”
That was a really annoying day, and I made them refund it all.
I do, but in theory it’s optimal to save receipts, so that’s what I’m doing
I write down the amount, date, provider on the manila envelope holding the receipts when I get the receipt
Every 2 years I add up all the amounts so I know what the 2 year total is
I pay everything on my normal CC then go out to the health insurers website once a quarter and pull the “what I owe” amounts for reimbursement. Might not be ideal but nearly all of this is with one or two pharmacies and one hospital system.
It’s such a stupid system and a documentation nightmare.