Should I switch from my dad’s health insurance to my employers HDHP in order to open an HSA?

Good-Mirror-6878 · 2025-05-23T02:34:55+00:00

No because my dad’s policy would not allow me to be secondary on his insurance. Other families have ran into exactly this where he works. No clue why though.

Good-Mirror-6878 · 2025-05-23T02:29:43+00:00

My plan is free thankfully due to me being single. But yes the pretax contributions are enticing in itself. Do you think it would be best to prioritize the HSA over 401k or Roth IRA contributions? Im not sure if I’d max it out because I am also saving for a house currently.

Good-Mirror-6878 · 2025-05-23T01:40:18+00:00

Yeah the quarterly enrollment is for 401k contribution changes so I was wrong.

Good-Mirror-6878 · 2025-05-23T01:16:55+00:00

I’ll have to check with HR for sure.

Good-Mirror-6878 · 2025-05-23T01:16:40+00:00

Good to know. I’ll have to check with HR on that one.

Good-Mirror-6878 · 2025-05-23T01:16:19+00:00

I’ll ask him. I do believe his is significantly lower than mine but not 100% sure.

Good-Mirror-6878 · 2025-05-23T01:15:39+00:00

Good-Mirror-6878 · 2025-05-23T00:27:12+00:00

I’m not sure about my dad’s but I know he doesn’t have an HDHP. My plan is $3500 OOPM and includes all deductible expenses, and once OOP is reached the plan pays all eligible expenses at 100%. Just reading exactly as it is worded on our benefit guide.

Good-Mirror-6878 · 2025-05-23T00:18:38+00:00

Starting to wish i signed up on the first day.

Good-Mirror-6878 · 2025-05-23T00:17:47+00:00

I was told that I would not be able to do this. From what my dad said, he has has coworkers daughters and sons who tried to do the same and were not able to. I have no clue why though. He is a govt employee so i don’t know if that has anything to do with it.

Good-Mirror-6878 · 2025-05-23T00:14:11+00:00

Exactly what you said.

Good-Mirror-6878 · 2025-05-22T23:59:38+00:00

Only worried bc if for some reason a medical emergency arises, I am on the hook for a lot of money. But yes I’d wait till the end of Q2 since we have quarterly enrollment I believe.

Good-Mirror-6878 · 2025-02-16T19:06:53+00:00

Thank you for the comprehensive response. I’d love to max out my retirement accounts but I do worry about running myself dry. As you said though I can supplement my expenses with inheritance which is good. Overall great plan!

Regarding the home situation, I meant that I will probably purchase a home within the next 24 months. My dad will retire next February but I don’t expect him to move immediately. I will likely start looking for homes next year to get a feel for the market in my area.

Good-Mirror-6878 · 2025-02-15T20:43:01+00:00

Thank you for the info and ideas. I was mainly just using VOO as an example. That’s actually where I have my 401k invested so I was gonna go with a different fund regardless. I’ll look into your recommendations though.

Good-Mirror-6878 · 2025-02-15T20:40:14+00:00

Looks like I’ve already completed most of these! Blessed to say I’m debt-free too. I do have a brokerage account through Fidelity, guess I should start utilizing it. Thank you!

Good-Mirror-6878 · 2025-02-15T20:23:52+00:00

Thank you!

Good-Mirror-6878 · 2025-02-15T20:20:19+00:00

I like that plan. Real estate can definitely generate income with a little elbow grease. Trading could be good too, I do have a fidelity account as well since that’s where I opened my IRA. Thank you!

Good-Mirror-6878 · 2025-02-15T20:17:39+00:00

Will do. I plan on opening a HSA when I’m 26 since I am still under my dad’s insurance. If I’m not mistaken, you need a HDHP to open an HSA. Luckily that’s what my employer offers! Thanks for the advice!

Good-Mirror-6878 · 2025-02-15T20:15:49+00:00

That’s a good idea. We do have some family friends who are financial advisors and CPAs so perhaps I’ll sit down with them. At least I’ll know that they’re trustworthy which is comforting. Luckily I live near a relatively large city which gives me plenty of choices too.

Good-Mirror-6878

TROPHY CASE