Recently, my company went through open enrollment. For the last 2 years, they have offered an HSA plan and seeing as how I never use medical benefits, I decided this was my cheapest option. And since I never go to the doctor, I opted out of contributing any money to my HSA fund last year. When it came time to opt in this year, I started doing my research and discovered HSA funds could be used for chiropractic services (which I go to regularly), dentist appointments (since I don't have dental insurance), glasses and contacts (which I use) and a host of other things. I also discovered that unlike a flex spending card, these funds roll over from year to year if you don't use them AND you can invest the money left in the HSA. And can I just remind you THESE ARE PRE-TAX DOLLARS.
So I could've been using money that the government hasn't touched in order to pay for things I use regularly. And then I wouldn't have to budget for any of it. Cue me figuratively kicking myself for not starting to contribute last year. Then promptly starting my contribution for the new insurance year.
Please. please don't be like me. Do your research and figure out the best money option. Sometimes, not seeing the money in your personal checking account is the most reasonable and cheapest option (as is the case for HSA and/or flex spending accounts). So if your employer offers either an HSA account or flex spending account, I urge you to consider contributing. Especially if you wear glasses or contacts or see a doctor regularly. PLEASE NOTE, however, that these two options do have a limit you can contribute per year (your HR team should be able to tell you the annual limit). Maximize it if you can. If not, contribute at least something. It's still your money AND it's money that hasn't been taxed. And who doesn't want that!
So tell me, what money mistakes have you made that you kicked yourself for later?
So I could've been using money that the government hasn't touched in order to pay for things I use regularly. And then I wouldn't have to budget for any of it. Cue me figuratively kicking myself for not starting to contribute last year. Then promptly starting my contribution for the new insurance year.
Please. please don't be like me. Do your research and figure out the best money option. Sometimes, not seeing the money in your personal checking account is the most reasonable and cheapest option (as is the case for HSA and/or flex spending accounts). So if your employer offers either an HSA account or flex spending account, I urge you to consider contributing. Especially if you wear glasses or contacts or see a doctor regularly. PLEASE NOTE, however, that these two options do have a limit you can contribute per year (your HR team should be able to tell you the annual limit). Maximize it if you can. If not, contribute at least something. It's still your money AND it's money that hasn't been taxed. And who doesn't want that!
So tell me, what money mistakes have you made that you kicked yourself for later?
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