How best to spend cafeteria healthcare funds at my new job? ?
Monday, August 11th, 2008
Tucson Kate asked:
I am just about leave for a new job. I currently have a high deductible plan paired with a health savings account. At my new job, they give us about $400 a month in “cafeteria” funds, meaning we can use them how we want… either to buy insurance (pre-tax) or take the cash (post-tax). I plan to go back on my husband’s insurance (for about $80 a month), but I’m unsure how best to use the funds. Would it be best to take the cash, even though I will lose a good chunk to taxes? Can I keep my HSA even though I won’t be on a high deductible plan anymore? Or is there another option, like a flex spending account (but I doubt I could use all of it up in a year). Thank you for your help!
We don’t have children and are considering doing fertility treatments in the future as well…. I’m not sure if that is important but if there is a way we could do a longterm savings for that it might be helpful!
Leslie
I am just about leave for a new job. I currently have a high deductible plan paired with a health savings account. At my new job, they give us about $400 a month in “cafeteria” funds, meaning we can use them how we want… either to buy insurance (pre-tax) or take the cash (post-tax). I plan to go back on my husband’s insurance (for about $80 a month), but I’m unsure how best to use the funds. Would it be best to take the cash, even though I will lose a good chunk to taxes? Can I keep my HSA even though I won’t be on a high deductible plan anymore? Or is there another option, like a flex spending account (but I doubt I could use all of it up in a year). Thank you for your help!
We don’t have children and are considering doing fertility treatments in the future as well…. I’m not sure if that is important but if there is a way we could do a longterm savings for that it might be helpful!
Leslie