Perth (oz) to Florida (usa) what's the difference?
#16
Re: Perth (oz) to Florida (usa) what's the difference?
Got kids? hand over close on a grand a month prior to deductibles 80/20 etc.
#17
BE Forum Addict
Joined: Sep 2010
Location: Maryland (via Belfast, Manchester, Toronto and London)
Posts: 4,802
Re: Perth (oz) to Florida (usa) what's the difference?
Your figures may be misleading if they are pre-tax deductions. Also is there a Health Savings Account (HSA) available that you can use to cover the deductible and co-pays?
My family plan (medical, prescriptions, dental, and vision) costs me $236 per month - but that's a PRE-TAX deduction so it doesn't actually cost me that much. In addition, I contribute another $480 per month (again pre-tax deduction) into a Health Savings Account (HSA) that I use to cover my deductible ($3200 for a family) and co-pays. Even after the deductible is met and the co-pay kicks in, there's also an "out of pocket" maximum that eventually brings my co-pay down to zero.
So my total contribution is $716 per month pre-tax. However, that's really costing me a percentage of that. If we assume a 25% tax rate, then the real cost to me is $537 per month.
Last edited by MarylandNed; Jul 25th 2011 at 3:56 am.
#18
Re: Perth (oz) to Florida (usa) what's the difference?
HSA is pissing money in the wind though unless you've got prescriptions that you know will use that money up.
#19
BE Forum Addict
Joined: Sep 2010
Location: Maryland (via Belfast, Manchester, Toronto and London)
Posts: 4,802
Re: Perth (oz) to Florida (usa) what's the difference?
Also, an HSA is NOT the same as a FSA (flexible spending account). I don't lose my HSA balance if I don't use the entire balance during the year. It remains in the account for use in future years (including retirement) and I can adjust my monthly contributions to adjust the HSA balance.
Even a FSA (where the balance does not roll over year on year) is still advantageous because, like HSA's, contributions are also pre-tax deductions. The only difference is you need to be careful about not over contributing to the FSA and losing any balance at the end of the year.
Last edited by MarylandNed; Jul 25th 2011 at 5:13 am.
#20
Re: Perth (oz) to Florida (usa) what's the difference?
You're right, it isn't - I can only give what my costs are. However, if you take into account how cheap your plan is (ridiculously cheap imo, I haven't paid that little for 2 people in almost a decade, so good for you!), compared to how cheap my plan is (I'd think fairly middle of the road), it is only fair to assume that some plans ARE running at a couple of thousand a month! That's just employer plans - I shudder to think how much some self pay plans must cost.
It all depends on individual circumstances.
It all depends on individual circumstances.
#21
Account Closed
Joined: Aug 2002
Location: Kentucky
Posts: 38,865
Re: Perth (oz) to Florida (usa) what's the difference?
Ian
#22
BE Forum Addict
Joined: Sep 2010
Location: Maryland (via Belfast, Manchester, Toronto and London)
Posts: 4,802
Re: Perth (oz) to Florida (usa) what's the difference?
You're right, it isn't - I can only give what my costs are. However, if you take into account how cheap your plan is (ridiculously cheap imo, I haven't paid that little for 2 people in almost a decade, so good for you!), compared to how cheap my plan is (I'd think fairly middle of the road), it is only fair to assume that some plans ARE running at a couple of thousand a month! That's just employer plans - I shudder to think how much some self pay plans must cost.
It all depends on individual circumstances.
It all depends on individual circumstances.
Yeah - different plans can vary greatly by cost. I work for a very large employer so that volume probably helps keep per employee costs down. By the way, I pay that for a "family" - and I have a wife and 4 kids.
My plan used to be a lot better - there didn't used to be a high deductible at all. My employer moved to a high deductible plan a few years ago in an attempt to control costs - and apparently more and more employers are doing this now. The idea of a high deductible plan is that employees will be a lot more thoughtful about scheduling medical appointments if they know they are 100% responsible until the deductible is reached. However, sincethere are 6 of us, I know we're going to hit the deductible at some point during the year anyway - usually mid-year. So I don't have the same cost cutting incentive as someone who has a smaller family or who is single and might not hit the deductible at all.
#23
BE Forum Addict
Joined: Sep 2010
Location: Maryland (via Belfast, Manchester, Toronto and London)
Posts: 4,802
Re: Perth (oz) to Florida (usa) what's the difference?
Respond how you like. I don't see paying several thousand dollars per month as being normal for an employee in the US. I also don't see how Canada is a good choice for someone looking for nice weather and beaches. But feel free to convince people otherwise.
#24
Re: Perth (oz) to Florida (usa) what's the difference?
Yeah - different plans can vary greatly by cost. I work for a very large employer so that volume probably helps keep per employee costs down. By the way, I pay that for a "family" - and I have a wife and 4 kids.
My plan used to be a lot better - there didn't used to be a high deductible at all. My employer moved to a high deductible plan a few years ago in an attempt to control costs - and apparently more and more employers are doing this now. The idea of a high deductible plan is that employees will be a lot more thoughtful about scheduling medical appointments if they know they are 100% responsible until the deductible is reached. However, sincethere are 6 of us, I know we're going to hit the deductible at some point during the year anyway - usually mid-year. So I don't have the same cost cutting incentive as someone who has a smaller family or who is single and might not hit the deductible at all.
My plan used to be a lot better - there didn't used to be a high deductible at all. My employer moved to a high deductible plan a few years ago in an attempt to control costs - and apparently more and more employers are doing this now. The idea of a high deductible plan is that employees will be a lot more thoughtful about scheduling medical appointments if they know they are 100% responsible until the deductible is reached. However, sincethere are 6 of us, I know we're going to hit the deductible at some point during the year anyway - usually mid-year. So I don't have the same cost cutting incentive as someone who has a smaller family or who is single and might not hit the deductible at all.
#25
Lost in BE Cyberspace
Joined: Jan 2006
Location: San Francisco
Posts: 12,865
Re: Perth (oz) to Florida (usa) what's the difference?
An HSA is not just for prescriptions - it's for any medical expense (deductible contribution, co-pay, prescriptions, etc)
Also, an HSA is NOT the same as a FSA (flexible spending account). I don't lose my HSA balance if I don't use the entire balance during the year. It remains in the account for use in future years (including retirement) and I can adjust my monthly contributions to adjust the HSA balance.
Also, an HSA is NOT the same as a FSA (flexible spending account). I don't lose my HSA balance if I don't use the entire balance during the year. It remains in the account for use in future years (including retirement) and I can adjust my monthly contributions to adjust the HSA balance.
#26
Account Closed
Joined: Aug 2002
Location: Kentucky
Posts: 38,865
Re: Perth (oz) to Florida (usa) what's the difference?
I'm not trying to convince anyone... unlike you and your attempts to prove you're right or, at least, that everyone else is wrong. With you, it's all "zero sum"... which is why responding to you is useless. I'd put you in my twit file, but I enjoy watching you periodically implode.
Ian
Ian
#27
Re: Perth (oz) to Florida (usa) what's the difference?
True, but prescriptions are the only thing you can effectively plan for if you've got a long running illness or other issues that require drugs continuously.
And it is pissing money away, would be better suited going into a pension funds, unless you're on the cusp of hitting a higher tax bracket.
And it is pissing money away, would be better suited going into a pension funds, unless you're on the cusp of hitting a higher tax bracket.
#28
Re: Perth (oz) to Florida (usa) what's the difference?
True, but prescriptions are the only thing you can effectively plan for if you've got a long running illness or other issues that require drugs continuously.
And it is pissing money away, would be better suited going into a pension funds, unless you're on the cusp of hitting a higher tax bracket.
And it is pissing money away, would be better suited going into a pension funds, unless you're on the cusp of hitting a higher tax bracket.