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TriBob
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Joined: 29 Aug 2002
Posts: 5771
Location: Lost in Transition
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 Posted: 11/18/04 - 10:50 Post subject: Medical Savings Plan
Anyone use it?
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prohemp
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Joined: 14 May 2002
Posts: 7716
Location: in the cradle of liberty
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Posted: 11/18/04 - 11:10 Post subject:
No - Under the cafeteria plans umbrella, my health benefits are in a
pre-tax conversion plan (125(b))
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jrjo
Gone Fishin
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Joined: 15 May 2002
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Location: Lake Wobegon, MN
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Posted: 11/18/04 - 11:28 Post subject:
We're looking at it. Who knows when. In fact, I just had an online conference yesterday about it. Aside from the 'fear factor' with employees, but if an employer funds the accounts with substantial monies, even up to the deductible, it is such a win-win. Policy premiums plummet and employees get a tax-free source to pay for medical expenses. And if it's not used up by age 67, it can be withdrawn and it's like plain old earnings. Great additional source for some retirement dough.
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megawill
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Posted: 11/18/04 - 12:39 Post subject:
they are a good deal, assuming that you are able to take on the risk of meeting a very high deductible during the first year/years...until you can build a balance in the plan to cover 'unexpected events'....
we had the option this year...but in my eyes my company didn't offer enough of an incentive to switch to the plan from more traditional plans and i don't like the need to hold onto medical records to until the end of time (or is it 7 yrs) to prove to the IRS how you spent the money in your account...if i were younger and single though I'd sign up in a heartbeat...
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airehead
Oompa Loofah
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Location: Between here and eternity...
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Posted: 11/18/04 - 12:43 Post subject:
| megawill wrote: | they are a good deal, assuming that you are able to take on the risk of meeting a very high deductible during the first year/years...until you can build a balance in the plan to cover 'unexpected events'....
we had the option this year...but in my eyes my company didn't offer enough of an incentive to switch to the plan from more traditional plans and i don't like the need to hold onto medical records to until the end of time (or is it 7 yrs) to prove to the IRS how you spent the money in your account...if i were younger and single though I'd sign up in a heartbeat... |
Companies are offering more and more neat things that they just didn't offer 15 years ago.
The military is slowly evolving to offer these things, too. Just a few years ago they opened up a 401k plan for active duty. We jumped on that in a heartbeat.
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kristin31
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Location: Caught in the crossfire of childhood and stardom
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Posted: 11/18/04 - 13:03 Post subject:
I had one, in addition to my HMO, back in Ohio. The company also offered a child care savings plan, interestingly enough.
The MSA came in quite handy when I had my wisdom teeth removed. It covered what the regular dental plan didn't pay.
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TriBob
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Posted: 11/18/04 - 13:15 Post subject:
Both kids need braces, so, I'll be dropping major coin in the next few years. None of it covered.
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TriBob
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Posted: 11/18/04 - 14:17 Post subject:
fine print: orthodontia not reimbursable. 
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Sahara
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Posted: 11/18/04 - 14:54 Post subject:
Is a Medical Savings Plan the same as a medical flexible spending account? I didn't think so but some of the response lead me to believe it may be. help
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jrjo
Gone Fishin
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Location: Lake Wobegon, MN
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Posted: 11/18/04 - 14:57 Post subject:
| Sahara wrote: | | Is a Medical Savings Plan the same as a medical flexible spending account? I didn't think so but some of the response lead me to believe it may be. help |
Two different beings. Although a healthcare savings account can be inside of a flexible spending account. How's that for confusing?
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Sahara
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Posted: 11/18/04 - 15:08 Post subject:
| jrjo wrote: |
Two different beings. Although a healthcare savings account can be inside of a flexible spending account. How's that for confusing? |
thanks... I don't have that option at my work. I'll have to do a little research about the concept.
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Floridaboiler
POTFH
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Joined: 18 May 2002
Posts: 11322
Location: Jacksonville, Florida
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Posted: 11/18/04 - 21:16 Post subject:
I don't have the Medical Savings Plan, I do have the Flexible Savings account to cover things like my contacts and deductibles etc which is great! Chris needs new hearing aids and since they aren't covered via insurance we are using the FSA to pay for it.
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