[quote=meadandale][quote=bearishgurl]
I HAVE a HDHP but no HSA (I don’t have “wages” to withold an HSA from). . .[/quote]
That’s a high deductible for a HDHP…and I don’t think that you have to have *wages* in order to contribute to an HSA. I’m self employed and although I pay myself a salary, my company pays my HSA contribution every month as part of my medical benefit. Both the premiums and the HSA contribution end up being medical benefits at the end of the year and are a line item deduction.[/quote]
Meadandale, my “deductible” is only $5,000. But my co-insurance portion is $8,000. Practically speaking, I pay very little co-insurance every year, because I just use the 100%-covered “preventative care” benefits. So the whole (or nearly the whole) $8,000 co-insurance would kick in if I landed in the hospital. Years ago (before I was on an indiv. plan), I was in the hospital for just 40 hours and my bill was nearly $11,000. My health plan at the time paid 75% of it, I got the rest written down some and made a deal with the hospital to pay the balance off in 6 mos. with 0% interest, which I did.
I know I can open an HSA on my own, but don’t want or need one as I’m in a very low tax bracket. My premiums alone now nearly equal 7.5% of my gross income BEFORE any co-pays or deductibles. Due to my recent premium hike, I will probably be able to take the medical deduction on my tax return and pay NO tax for 2011, even if I NEVER use ANY care next year!
