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In reply to the discussion: The Scam that is Health Savings Accounts [View all]WillowTree
(5,325 posts)43. That's not entirely correct.
If you're in an HSA, your monthly contributions are pre-tax dollars which lower your taxable income and reduce the amount of your tax liability.
But you're correct that these plans are almost always unsuitable for those in low income brackets. There are different insurance plans that would be of much more benefit for them. It's not only "people who make a ton of money" for whom HSAs work. There are lots of people who do not "make a ton of money" who can benefit from them.
And, as others have said, I'm pretty sure that Bill Gates and Mark Cuban bother with insurance at all when it would be so much easier for them to just pay the bills and be done with it.
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It sounds as if you don't understand that you're not trying to save the whole $250,000.
WillowTree
Feb 2017
#11
I don't know why you think I would know "what percentage of people" are making minimum wage.
WillowTree
Feb 2017
#32
they are a scam in that they greatly benefit higher earners more than they help people
Skittles
Feb 2017
#34
all hsa's do is let you get a tax deduction (not a credit) for certain medical expenses
unblock
Feb 2017
#2
I doubt that Bill Gates bothers with HSA. There are another class of tax payers that get a big
grantcart
Feb 2017
#42
That's RIGHT. They are also pushing another idea that's just as deceptive and bad!
napi21
Feb 2017
#7
That is not how health savings accounts work.. not that they are anything to brag about, anyway
pangaia
Feb 2017
#9
I've had a great experience with HSAs. Your characterization is wrong
taught_me_patience
Feb 2017
#14
In his case, since it seems his employer offers different plans he could then switch
stevenleser
Feb 2017
#23