HSA contribution /cvs

[sosoo]

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cvs just cheated employees on HSA contribution. ahhh............ historically, every 6 months i get $500 added to HSA from "employer" contribution. last december i got $500 added. this june i'm suppose to have another $500 added. but instead, this june i only got $38 added. they changed the gaming to make the contribution every 15 days. and so the $38 won't add up to $500 until December. and so they screwed everyone up for this month of june. they pretty much skipped $500 for this month.

 

[farmadiazepine]

Why would I pay my employee 6 months in advance when I can pay them every 2 weeks?

Same for medical benefits. If you quit, then I am screwed for paying you in advance.

Would you pay your entire 6 months of mortgage in advance, or 6 months of rent?

This is very responsible of CVS.

 

[WVUPharm2007]

Either way, don't spend it. Let it sit there in an index fund. Once you turn 65, it's basically an IRA. If you need it for some great medical expense, fine. If not, another tax free vector for retirement. I max out 401k...and this year I'm going to start maxing out HSA, too.

 

[ChalupaBatman86]

They have a lot of faith that their employees will stick around for at least 6 months right? Training and hiring new employees is expensive too, maybe focus on retention?


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[mnoble]

Was the december $500 a payment for Jan-Jun then? Or did we not get a contribution that we should have?
IF we don't get $500 due to us thats a problem, but if we're just getting it over a longer period of time who cares?

 

[sosoo]

Was the december $500 a payment for Jan-Jun then? Or did we not get a contribution that we should have?
IF we don't get $500 due to us thats a problem, but if we're just getting it over a longer period of time who cares?

on june 8, you're suppose to get $500. but instead they gave u $38. so you're at a lost this june.... from now to december, u get $38 every 15 days. that will add up to $500 that u suppose to get later this december. so that much is correct going forward... but cvs pocketed, and we lost $500, this june. its simple math.

 

[mnoble]

I think that employees were always ahead of schedule for contributions, so now that they changed the schedule we're just realizing it.

 

[Dr Wario]

I only get 500/year and I have family coverage 🙁

 

[BMBiology]

cvs just cheated employees on HSA contribution. ahhh............ historically, every 6 months i get $500 added to HSA from "employer" contribution. last december i got $500 added. this june i'm suppose to have another $500 added. but instead, this june i only got $38 added. they changed the gaming to make the contribution every 15 days. and so the $38 won't add up to $500 until December. and so they screwed everyone up for this month of june. they pretty much skipped $500 for this month.

Think of it this way...if you leave in Nov then you would get 5 months of contribution vs. nothing


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[sosoo]

think of it this way, if you leave cvs in july, then you pocketed $38. that's with the new system. with the old system, on june 8 you pocketed $500.

now lets say you leave cvs next january. the new system you get $38 every 15 days, so you would pocket $500. but with the old system, you would pocket $1,000... that's $500 june and $500 december.

 

[mentos]

So you're "out" $462 if you were planning on quitting in June instead of December? Who cares?

 

[Sine Cura]

$3,350 is the combined limit so employees can contribute only $2350 annually without penalty if you do get a $1000 match (wasn't it $500 previously?) However, for whatever reason HSA contributions still incur FICA tax at CVS IIRC

Long story on whether HSA is subject to FICA taxes