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Our employer (a hospital) only offers an FSA. Which recently switched when the insurance company changed. I am having to fight tooth and nail and spend hours submitting forms, phone calls and resubmitting forms to get my money back. I don’t want to fight for my money back every year and ultimately lose a portion of it.

I am contemplating opening my own HSA for the $1500 I annually withdraw for medical expenses. I make a little more than $70,000 annually. Live in Oregon (high Sate tax d/t no sales tax)

I believe I can submit on my taxes each year for the refund of what would have been my pre-tax dollars.

Good idea? Bad idea?

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    Are you on an HSA-eligible HDHP?
    – Kevin
    Mar 25, 2018 at 15:44
  • I believe our company only offers FSA. So I would being going completely independent to a bank.
    – Heather Rose
    Mar 26, 2018 at 13:52
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    You need to be covered by an HSA-eligible HDHP to open or contribute to an HSA.
    – Kevin
    Mar 26, 2018 at 15:04

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In order to be eligible to contribute to an HSA, you need to be covered by a High Deductible Health Plan (HDHP), and you must not be covered by other types of health insurance. Some health insurance plans are HSA-eligible HDHPs, and some are not. You can ask your health insurance provider whether or not your coverage is an HDHP or not, but if you are getting your health insurance through your employer and your employer does not offer an HSA option, then the answer is probably that your health insurance plan makes you ineligible to contribute to an HSA.

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