CVS Enrollment for benefits

[marscole]

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Hi,

I just got hired by CVS as a pharmacist and now the enrollment for benefits start now. What shall I choose, how, and why? Thanks!!

 

[WVUPharm2007]

Want to get retirement squared away? Put $711 a month into 401k. Put $192 into Roth IRA. Put $111 into HSA. Per paycheck. Those are your goals. Max them out. If you are in your 20s and do this now, you will retire like a king. I really isn't that bad. $800 of that is tax free, so it really reduces your tax responsibility as well. At the VERY LEAST, start putting 10% into that 401k immediately.

For healthcare, they are all high deductible. If you are relatively healthy and don't anticipate using it much, go for plan #3. Just do Aetna DMO for dental. It does the job for me very well and is pretty affordable. The vision plan is a ripoff, IMO. I do better getting an exam from Costco and buying glasses/contacts online.

 

[Whereismynorco]

sorry but i dont want to hijack thread but i have question @CVS HSA plan, i was not eligible to contribute to HSA until march, and system wont allow me to put more than 111 per paycheck. how do i max?? (march - Dec 111*20=$2220 plus CVS gives us $500/ year i think).

 

[WVUPharm2007]

sorry but i dont want to hijack thread but i have question @CVS HSA plan, i was not eligible to contribute to HSA until march, and system wont allow me to put more than 111 per paycheck. how do i max?? (march - Dec 111*20=$2220 plus CVS gives us $500/ year i think).

Max is $3400 for a single person. $6750 for family. ($111 x 26 paychecks) + $500 = $3386. Rounding errors are basically the difference. But CVS won't let you add more than that amount per check so they and you won't break IRS law. What you do is add your bank account on the HSA site and it will manually take it out of your bank account. Or at least that's what I did last year when my bennies didn't go into affect until June after being laid off.

 

[Whereismynorco]

Max is $3400 for a single person. $6750 for family. ($111 x 26 paychecks) + $500 = $3386. Rounding errors are basically the difference. But CVS won't let you add more than that amount per check so they and you won't break IRS law. What you do is add your bank account on the HSA site and it will manually take it out of your bank account. Or at least that's what I did last year when my bennies didn't go into affect until June after being laid off.

can you write off contribution that you made to HSA from your bank account? so you will get tax back when you file it?

 

[WVUPharm2007]

Yeah, from what I remember the post tax benefits aren't as good as pretax. You still have to pay payroll taxes, but not income taxes.

How do I contribute to/deposit money into my HSA?

 

[mentos]

Put $192 into Roth IRA.

Are you over the income limit? Do you do backdoor Roth? I need to figure out how to do that.

 

[WVUPharm2007]

Are you over the income limit? Do you do backdoor Roth? I need to figure out how to do that.

I'm just under because the wife works part time, runs a soccer team part time.