4 ms·

Totally agree. All “innovations” like HSA and 401k are designed to make life easier for employers but are sold as benefit for employees.

lotsofpulp 7y ago
401k are tied to employers, but I don’t see what HSA has to do with employers since they’re just as easy to have without an employer. It’s just a savings account with tax advantages for people with HDHP.
- maxxxxx 7y ago
  are you saying that if your employer offers a high deductible plan without HSA you can open one for yourself? I don’t think many people know that.
  - lotsofpulp 7y ago
    Yes. https://www.fidelity.com/open-account/all-accounts https://www.fidelity.com/open-account/all-accounts (best option, it's free and has access to great investment options) https://healthaccounts.bankofamerica.com/individuals-families.shtml https://healthaccounts.bankofamerica.com/individuals-familie... I'm sure there are others. Edit: In fact, the employer's HSA custodian (unless it's Fidelity), probably charges you a few basis points for investing your HSA funds, so it's actually much better for you to transfer the funds out into your own Fidelity HSA immediately.
    - maxxxxx 7y ago
      Good to know!
- golover721 7y ago
  Yes however it is definitely a way for employers to save a bunch of money while convincing employees that they are better off too. The whole smokescreen of we will give you a bunch of money "for free!" that goes to your HSA and somehow that is better value for you than a traditional PPO. In much the same way that 401k contributions are better than a pension.
  - lotsofpulp 7y ago
    401k are better than defined benefit pensions. I want control of my money, why would I trust a random pension board of trustees? And even though 401k isn’t really under my control, I trust an index fund more than an opaque board of trustees doing god knows what with the funding. The only defined benefit pension that is doing okay is taxpayer funded pensions, and that is only because government has the power to tax. And even then some have been cut and some states are seeing economic decline because of them.

lotsofpulp 7y ago

401k are tied to employers, but I don’t see what HSA has to do with employers since they’re just as easy to have without an employer. It’s just a savings account with tax advantages for people with HDHP.

maxxxxx 7y ago
are you saying that if your employer offers a high deductible plan without HSA you can open one for yourself? I don’t think many people know that.
- lotsofpulp 7y ago
  Yes. https://www.fidelity.com/open-account/all-accounts https://www.fidelity.com/open-account/all-accounts (best option, it's free and has access to great investment options) https://healthaccounts.bankofamerica.com/individuals-families.shtml https://healthaccounts.bankofamerica.com/individuals-familie... I'm sure there are others. Edit: In fact, the employer's HSA custodian (unless it's Fidelity), probably charges you a few basis points for investing your HSA funds, so it's actually much better for you to transfer the funds out into your own Fidelity HSA immediately.
  - maxxxxx 7y ago
    Good to know!
golover721 7y ago
Yes however it is definitely a way for employers to save a bunch of money while convincing employees that they are better off too. The whole smokescreen of we will give you a bunch of money "for free!" that goes to your HSA and somehow that is better value for you than a traditional PPO. In much the same way that 401k contributions are better than a pension.
- lotsofpulp 7y ago
  401k are better than defined benefit pensions. I want control of my money, why would I trust a random pension board of trustees? And even though 401k isn’t really under my control, I trust an index fund more than an opaque board of trustees doing god knows what with the funding. The only defined benefit pension that is doing okay is taxpayer funded pensions, and that is only because government has the power to tax. And even then some have been cut and some states are seeing economic decline because of them.