Defining FSAs & HSAs and How To Make Them Work For You
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What is open enrollment and why is it important?
It is open enrollment season, which means it's time to decide on your health insurance plan for 2025. If you get your health insurance through the government's marketplace, you need to sign up for your plan by December 15. If you get your health insurance through your employer, your deadline is probably before that. When you do sign up for your plan, depending on how you get your health insurance, you'll be given the option to sign up for an FSA or an HSA. And if you're like my friend Jason Pfeiffer, who's the editor-in-chief of Entrepreneur Magazine and also the co-host of one of my other podcasts, Help Wanted, the FSA HSA option drives him nuts. Here's a voice note that he sent me about this a few years ago.
Nicole, I'm going to rant to you, and you can feel free to use this on the show if you think that it would make for a good episode subject, or not, or just delete it. But I'm going to rant to you anyway. Why am I supposed to use an HSA, health savings account? My employer has these account offerings where I can put a certain amount of money in for health and for childcare and for transit. And they're like arbitrary, random amounts of money, right? It's like $5,600 and something and some smaller amount, whatever it is. And so I got to deal with the small amount of money. And then it doesn't roll over after a year. So I have to use it during the year. And there's like one more account that I have to find.
And then every time I use it, it's like incredibly burdensome because I have to hold on to these receipts and often upload them to this... terrible website that was built in 1994 and they give me a debit card. Yes, but half the time they still need the receipt. So then I use the debit card. I have to think to use the debit card. So I have to carry around the debit card and then I use the debit card and then I still have to hold onto the receipt and then upload it two weeks later to this website from 1994. It makes absolutely no sense. And the thing that I can't understand is, am I actually saving enough money to make this unbelievably burdensome and stupid process worth it?
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