So a couple years ago I left a career in accounting to pursue a career in software engineering. When I left I went on Medicaid and it wasn’t until this June when I landed a job on a contract-to-hire basis through a staffing company. When I called Illinois to cancel Medicaid the rep told me, due to Covid, they suspended the maximum income limit and I could keep Medicaid along with my company’s insurance. He also said he had no idea when the limit would be reinstated. Unfortunately I had already enrolled in the staffing company’s insurance so I ended up keeping both.

At the end of November I was fortunate enough to be converted to a full-time employee and now I have access to better health insurance options, including one with a HSA with a $1,000 employer match. When I was reading the fine print though, it said that I can’t enroll in an HSA plan if I’m on Medicaid.

My question is, what numbers should I be looking at when deciding between the two? Is it just my estimated yearly medical costs versus the health insurance premiums and tax benefits of an HSA? It’s also a concern that the income limit for Medicaid could be reinstated at any time and if that happens, I’m not sure what I would do until the next enrollment period.

Any advice would be greatly appreciated!

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