What is Health Savings Account?

[lorenzoleo]

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Actually, my point was that, instead of getting a Kaiser policy for my parents, I will go for a cheaper one without savings because they are not as young as me.

I'm looking at it in this way:

1.) Get them a different health care plan. Basically the same medical coverage but cheaper since it doesn't come along with savings.

2.) For their retirement, I will invest in other ways that could yield higher than 10% annually.

In the long run makaingon ko nga sayang ang savings because: [1] what if magamit nila ang policy? Which is highly probable because ang mga sakit naa sa katiguwangon mogawas, and [2] if dili nila magamit, mas gamay ang amount nga makuha sa akong parents in comparison if giinvest nako sa lain nga paagi.

In this way, I'm trying to maximize the return of the money considering their age and I could still have peace of mind because my parents have health care and we have an investment for their retirement which could be even be higher than Kaiser.

Pila age imu parents? naa pud offer sa IMG Short Term care sa Kaiser, pero until age 60 lang ang coverage, pero kung up to 65 gani, medyo mahal jud kaayo ang plan. Pa expalin ni Sir jaime, kay siya ang coordinator sa Kaiser diri Cebu, he is always available at IMG every 8am to 4pm at his office katong tapad sa room ni Jess.

[makie]

Pila age imu parents? naa pud offer sa IMG Short Term care sa Kaiser, pero until age 60 lang ang coverage, pero kung up to 65 gani, medyo mahal jud kaayo ang plan. Pa expalin ni Sir jaime, kay siya ang coordinator sa Kaiser diri Cebu, he is always available at IMG every 8am to 4pm at his office katong tapad sa room ni Jess.

They're both 50+. Actually, they have Kaiser plans already but mahulog siya nga another retirement plan or investment nila because my father is still employed and have medical benefits and my mother is also covered.

[wizard_jamex]

They're both 50+. Actually, they have Kaiser plans already but mahulog siya nga another retirement plan or investment nila because my father is still employed and have medical benefits and my mother is also covered.

Hapit na sila ma sixty or layo pa.

[wizard_jamex]

Up for this....=)

[Dako Ang Imo...]

Four kinds of saving:

1st Health Care Savings
2nd Life Protection Savings
3rd Emergency Fund/Savings
4th Save for Investment

So, you must have health care savings first before anything else. It's one of the greatest protection of your assets. =)

SO unahon diay ang health care savings before anything else.

[makie]

SO unahon diay ang health care savings before anything else.

Actually, depende ra jud na nimo as long as you'll get yourself and your family covered the soonest possible time. If possible, why not get a health care and life insurance at the same time kung kaya sa bulsa?

However, in reality, since the probability of getting sick is much higher (assuming that we're not that old pa), so ideal unahon ang health care.

In my case, it's going to be like this:

1.) Health care
2.) Life Insurance
3.) Debt Elimination
4.) Investments
5.) Emergency Fund (a portion of my investments)
6.) Protection for my investments

So why did investment come first for me in contrary to the conventional knowledge that was being taught? Since my source of income as of the moment is my salary and a few businesses, investing a good part of it sounds good to me because it could give me higher returns.

For example in mutual funds, since the market is performing well right now, why not take advantage of it? If I invest first and get my emergency fund out of it, mas dako2 ang balik sa ako and of course, mas dako2 ang akong masave compared to relying on my salary alone, which is to save first and invest the rest.

Actually, kanya kanyang diskarte ra gyud na but the bottom line is that you get to save a really good amount in the end and you get covered financially. Always keep in mind that time could either be your ally or your enemy.

[Metz]

for me,

1.) Life Insurance - para nako life insurance jud una kay naa man ko dependents. And barato ra kaayo 9.5k for 1M insurance at age 29. If walay dependents pwede rani after nahuman na ang Kaiser ug solid na ang mutual funds

2.) Health care - KAISER - ma-naa kay company insurance or wala(self employed), mao jud ni sunod. kay at least secure ka daan if something happens to your company or mas daghan ka options(dili ka resign kay di ganahan walay personal insurance) and best of all, di naka manghasol sa imo mga anak pag retire nimo

3.) Debt Elimination - thank God di ko kabalo mangutang kay simple ra ako life, so no problem for me.
4.) Investments - once solid na ang healthcare ug insurance, it's time to invest baby!

5.) Emergency Fund - pwede ra 3 to 6 months salary, but if padung na moretire this must total 2 years worth of living expenses, just in case the market is down and di ka makawithdraw sa MF for pension.

[wealthyhead]

very valid concern but remember that most healthcare are short term (up to age 60 or 65) only.

it's still good to have a long term health plan for older people so they can have coverages even after that age.

be careful also of healthcare which are just riders, make sure it's HMO

Actually, my point was that, instead of getting a Kaiser policy for my parents, I will go for a cheaper one without savings because they are not as young as me.

I'm looking at it in this way:

1.) Get them a different health care plan. Basically the same medical coverage but cheaper since it doesn't come along with savings.

2.) For their retirement, I will invest in other ways that could yield higher than 10% annually.

In the long run makaingon ko nga sayang ang savings because: [1] what if magamit nila ang policy? Which is highly probable because ang mga sakit naa sa katiguwangon mogawas, and [2] if dili nila magamit, mas gamay ang amount nga makuha sa akong parents in comparison if giinvest nako sa lain nga paagi.

In this way, I'm trying to maximize the return of the money considering their age and I could still have peace of mind because my parents have health care and we have an investment for their retirement which could be even be higher than Kaiser.

[makie]

very valid concern but remember that most healthcare are short term (up to age 60 or 65) only.

it's still good to have a long term health plan for older people so they can have coverages even after that age.

be careful also of healthcare which are just riders, make sure it's HMO

Great points there.

Kaiser's 10% annually doesn't really look so lucrative for me in line with my parents age. After 5 years, their health care will be relying on Kaiser's annual compounding of interest which I think is less compared to other investments (example in mutual funds). So assuming they didn't use Kaiser for 15 years, they could opt for a lump sum of more than P500,000 but if I invest P1000 a month (mutual funds) for about 20% annually for 15 years, I could have nearly P1.2 million for their health care/retirement.

Kaiser is the only long term health care that I know right now and what concerns me is that the medical benefits is only good for the first 5 years.

What I actually did was, in order to cover them better, they both got Kaiser plans and at the same time, I invested in mutual funds for their retirement. In that way, they are double covered.

[Metz]

Originally Posted by makie
Actually, my point was that, instead of getting a Kaiser policy for my parents, I will go for a cheaper one without savings because they are not as young as me.

Bai, naay lain healthcare policy mo cover past 60? Murag hospital income raman tingali.