|May 28th, 2018 8:39 AM|
by Ken Gagne
|Filed under Musings;|
My only visit to the Computer History Museum of Mountain View, California, occurred in December 2015, when Martin Haye and I squeezed in a visit after attending GaymerX in nearby San Jose. I was already familiar with the museum, both from its origin in my backyard of Boston and as an archive of Juiced.GS, and I was thrilled to finally step foot in the halls of such hallowed technology preservation. But it wasn't until years later that I'd learn this same museum could preserve so much more.
Shortly after that visit, I began teaching myself about finances and investments: 401(k), Roth IRA, socially responsible investing (SRI), and more. As part of this move toward fiscal maturity, I started using an FSA, or Flexible Spending Account. An FSA is a savings account you can contribute pre-tax dollars to from your paycheck; those monies can then be used to pay any medical expenses, from surgery to prescriptions to contact lens solution. If you spend $2,000 a year on healthcare, it's like getting a $2,000 tax credit.
An FSA is not without its downsides: it has an annual contribution cap of $2,600, and only $500 rolls over every calendar year; the rest of the account is "use it or lose it". As a result, you have to predict what your health expenses will be a year in advance, which is difficult to do accurately. And if you leave the participating employer, your FSA disappears.
But this year, I moved to an employer that instead offers an HSA, or Health Savings Account. An HSA has a maximum annual contribution of $3,450, and its value never expires, even if I switch jobs. As a result, I don't need to anticipate my expenses, instead using the HSA as a long-term investment account — especially since, unlike an FSA, an HSA gains interest!
I don't know why every employer doesn't offer an HSA, but the good news is that you don't need a generous boss: you can get your own HSA. Many banks offer them — but if yours doesn't, then check out First Tech Federal Credit Union of Beaverton, Oregon. They offer an HSA with no setup or maintenance fees and no minimum balance to qualified members.
What qualifies one to join First Tech? You can work for the State of Oregon, or any one of hundreds of participating employers. But my preferred route is to be a member of the Computer History Museum for either $15 or $75 a year. Simply donating to the museum makes you eligible to receive all the membership benefits of First Tech.
What better or more affordable way to preserve computer history and your own health?
(Disclaimer: I am not a financial advisor, nor am I a customer or affiliate of First Tech. I have historically donated to the Computer History Museum, but currently, my only contributions are the aforementioned issues of Juiced.GS.)