Would you do this?

Discussion in 'Teacher Time Out' started by futuremathsprof, Oct 14, 2018.

  1. waterfall

    waterfall Maven

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    Oct 14, 2018

    Good advice- here it's the opposite of what the pp was saying. HSA rolls over and FSA doesn't. My district allows us to choose between a high deductible and a traditional plan. The high deductible plan is cheaper for the district, so they put the difference in our HSA if we choose that one. Right now it's around $110 per month that they put in. We can also contribute pre-tax dollars from our check if we want to. At this point, I never go to the Dr. (other than for preventative stuff, which is covered at 100%), so I don't contribute any extra money. I use the HSA for my contacts yearly and let the rest roll over. I currently have almost $5,000 in there.
     
  2. Missy

    Missy Aficionado

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    Oct 15, 2018

    You need to do lots of research.
    Our HSA rolls over forever.
    An FSA is governed by the IRC.
     
  3. Ima Teacher

    Ima Teacher Maven

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    Oct 15, 2018

    Yes, definitely research. Insurance varies widely among plans and states. We also have a contribution limit and rollover limit. And there are other restrictions.
     
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  4. futuremathsprof

    futuremathsprof Aficionado

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    Oct 16, 2018

    This is off topic, but I’m glad I’m not the only one who gets massages on a regular basis. I think it’s important for people, especially teachers, to treat themselves and that is why I get weekly massages twice a week (on Saturday and Sunday). My favorite are foot and shiatsu massages!
     
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  5. TeacherNY

    TeacherNY Phenom

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    Oct 17, 2018

    Maybe an off topic question but does your school offer different insurance plans for you to choose? We can choose between 2. Both premiums will go up next year which stinks.
     
  6. Joyful!

    Joyful! Habitué

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    Oct 17, 2018

    Some insurance plans where the employee contributes a portion and the employer does too, the contribution is pre-tax which is another thing you may consider.
    May I recommend that you check in with a financial planner? They will be able to assess your situation and the laws of your state etc. I know Edward Jones has FP that would look over your portfolio with no obligation and no fee. Probably other places like that as well, but I'm not certain.
     
  7. Guitart

    Guitart Companion

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    Oct 18, 2018

    Insurance is so messed up these days.

    Wife and I were talking this week. Back when I young and we were just married, had our first child, I made $27.5K. I just check boxed the "whatever" option for spouse&dependent health ins and my 401K. The remainder I took home was satisfactory. It was a no brainer each year to cover my family.
    Today, I make $40K. My personal insurance is covered but it is $900+ a month to cover wife and dependents. Can't afford it. All my kids have insurance through the state since they were adopted. My wife has none. We have to pay the penalty each year on taxes.
     
  8. greendream

    greendream Cohort

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    Oct 20, 2018

    I'm finding it hard to believe you actually convinced any admin to do this. It seems highly unlikely. Forgive the blunt question, but are you sure you aren't making this up as a way to try to brag about how much money you make?
     
  9. jadorelafrance

    jadorelafrance Cohort

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    Oct 20, 2018

    My district pays almost 13k for a single person. If you opt out, you get half that money back I believe, but you have to show you have coverage under a spouse’s plan or parents. I never got to take advantage of that as when I got the job I was over 26 and no longer qualified to be under my parents’ plan and I am unmarried. I wouldn’t risk any other insurance plan as it would probably end up costing the same or more than what I already contribute and we have excellent healthcare coverage.
     
  10. Rabbitt

    Rabbitt Connoisseur

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    Oct 21, 2018

    It is not worth the gamble.
    Someone else deals with EVERYTHING for $9,000 a year. Typically the district's company has someone who will battle for you too to keep the group happy. You may indeed end up a few thousand a year ahead this year and maybe a few more, but you are also paying the bills, premiums, and dealing with rates. You will not benefit enough in the long wrong to make a difference. Most likely, it will kick you. My opinion
     
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  11. futuremathsprof

    futuremathsprof Aficionado

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    Oct 28, 2018

    Um, believe what you want to believe. My admin even submitted a survey asking us if we would accept that and many (57%) said yes. I’m happy that I can negotiate my own contract at my school and don’t have to go through a district to make requests. I am *my* own negotiator and I’ve already conversed with the principal, chairperson of the school board, and CEO. They all have given the green light. Their belief is that if the employees are happy then the school will thrive and they routinely ask us if there is anything they can do for us.

    Heck, we have approximately $60 million in reserves, about a $20 million budget each year — I initially thought it was higher — and about a $1-2 million surplus after all said and done. They *can* afford to pay us more and so I have no qualms asking. They will still have a ton left over.

    Again, you can just ignore my own if you don’t believe me. I’m happy with the decision that was made and will continue to strive to get as much as money as I can. I would be silly not to.

    Short story long, I was just asking around to make sure I don’t make the wrong decision and wanted to consider every option first.
     
  12. futuremathsprof

    futuremathsprof Aficionado

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    Oct 28, 2018

    What are your thoughts on my saving a few thousand of the $9,000 every year in addition to uping my baseline saved amount from $5,000 to $10,000? Wouldn’t that ensure that I could easily absorb any high copays (usually a couple thousand) or unexpected medical expense (e.g. bone fracture(s), serious infection, MRI, etc.)? I figure if I save $10,000 and then keep adding to that in the amount of $2,000-$3,000/year to my personal medical fund, then I should be okay.

    Also, couldn’t I just pay the bill each month and not worry about much else after enrolling in the plan? Am I not seeing something here besides that? I’m asking because I’ve never shopped for medical insurance before on my own... In fact, My employer has taken care of everything as you previously stated, lol!
     
  13. Ima Teacher

    Ima Teacher Maven

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    Oct 28, 2018

    Insurance will also negotiate a lower price. The “insurance price” will be considerably less than the regular price.

    My colonoscopy last summer was $1200. My routine bloodwork (every 6 months, down from 3) is about $1500. My hysterectomy was $35,000. When I was on dialysis (in 2001), my treatments were almost $300 each, and I had them three times a week.

    Banking on staying in good health is a huge gamble. I had been in great health, then suddenly had a near-fatal reaction to antibiotics. Luckily I had insurance. If you have a pre-existing condition, you’ll often be faced with blocks on certain conditions or not be offered coverage at all. It’s worth considering.
     
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