My family is on my wife's insurance and FSA which is on a non-calendar plan year (June to July), with the additional FSA through my employer which is on a standard calendar plan year (January to December). Right now we have open enrollment and we are considering a change to a high deductible health plan (HDHP). If my FSA is the only thing preventing me from qualifying for an HSA then it would probably make sense for me to not switch to the HDHP this year. But if I don't and want to next plan year, then I'm hoping I can still participate in her FSA as long as its alignment with the non-calendar plan year makes the transition easier.
My questions are as follows:
- Would the HSA be valid immediately on July 1st when only considering an FSA on my wife's plan which is aligned with the non-calendar plan year?
- Since the non-calendar plan switch was on my wife's plan, yet the calendar year FSA is on my plan through a different employer, then would the the HSA restriction until January 1st still apply?
- If I can terminate my FSA before year end with my company through a life event (spouse gains other coverage), would the HSA restriction not apply starting on the date the FSA is terminated and all would be okay?
I am basically trying to figure out the proper way to transition plans, which FSAs must expire and when I really could legally participate in the HSA.