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Questions tagged [hsa]

For questions that relate to health savings accounts in the USA and health spending accounts in Canada, and any similar accounts in other jurisdictions. Use with an appropriate country tag.

2
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0answers
23 views

Can I defer starting Medicare if 65 and on COBRA after a lay-off? (HSA, COBRA, and Medicare)

I turned 65 in February, am still working full-time, and have medical insurance through my company that qualifies me to defer signing up for Medicare. I've been contributing the maximum to my HSA ...
5
votes
1answer
226 views

pros and cons of HSA in Investment account

I have my HSA that is currently in savings or checking account. The Insurance company provides option to keep the money in Investment account. What are the pros and cons of parking HSA fund in ...
7
votes
2answers
510 views

HSA - Continue to Invest?

I have an HSA that allows me to invest the money in the account in the stock market. Any money not invested is available to be used for health expenses. I currently have ~50% of the total balance of ...
3
votes
1answer
87 views

HSA Based Income Tax Optimization Strategy

A hypothetical individual living in the USA held a high deductible healthcare plan (HDHP) in 2017, 2018, and in 2019. She maxed out her HSA contributions in 2017 and 2018 but did not make any ...
1
vote
1answer
78 views

Credits, Refunds & Reimbursements made prior to April 15th for Prior Year HSA Qual Disbursements

Apr '19: I've recently worked w/ my HSA trustee/custodian (my CU) to correctly code HSA reimbursements transactions in early 2018 for HSA Qualified Distributions in 2017. Same for 2019/2018. So we ...
0
votes
0answers
22 views

Can an ESOP employer match contributions to an HSA?

Can an ESOP employer match contributions to an HSA? How can you optimize your HSA?
2
votes
0answers
26 views

Can US expat open an HSA? [duplicate]

I am 60 US citizen, live in Costa Rica, receive a pension, and have a high deductible ($2500) US expat health insurance. I was wondering if I can open and use an HSA to pay my healthcare costs in CR ...
1
vote
1answer
29 views

Question on part lll of form 8889

I have HDHP for the whole year 2018 and only has non-taxable contribution (code DD on W2). I also have a small qualified distribution on 2018. Do I leave the part lll blank on form 8889.
3
votes
1answer
859 views

Withdrawals from HSA

I understand that qualified withdrawals from HSA are tax free. If I am right in my understanding, then why are withdrawals deducted from the HSA contribution on form 8889 to determine the tax-...
1
vote
1answer
60 views

Can a corporation directly contribute to a personal HSA?

Personal HSA contributions are deductible but you still end up paying FICA (Social Security and Medicare) on the income prior to deduction. Same goes for the corporation that is paying you (they pay ...
3
votes
1answer
63 views

Reimbursing myself for health related expenses years after they occur w/HSA?

I have an HSA which I primarily use as an investment vehicle, I have not taken any money out for eligible expenses but continue to contribute and invest those funds. I have read that I can essentially ...
1
vote
1answer
49 views

Medical expenses incurred during HSA and later filing

I have past medical expenses that I could not pay with HSA money since I ran out of HSA funds. That is, I maxed out what I could contribute for the year and used it for other medical expenses. I ...
2
votes
1answer
58 views

Could my FSA from my previous job disqualify me from doing an HSA with my new one?

I had my previous job 2015 through August 2018. Near the start of the job, I remember contributing something like $200 to an FSA. I regretted my decision (since I hate dealing with FSA complications) ...
0
votes
0answers
22 views

What are the upsides and downsides of doing an HSA rollover contribution vs. an HSA trustee-to-trustee transfer in the United States?

In the United States, what are the upsides and downsides of doing an HSA rollover contribution vs. an HSA trustee-to-trustee transfer? I am aware that: one cannot do more than one HSA Rollover ...
2
votes
2answers
71 views

What should a medical receipt contain to be IRS-approved for an HSA withdrawal in the United States?

In the United States, one must keep records of all one's medical expenses processed through one's HSA in case of an IRA audit. What should a medical receipt contain to be IRS-approved? I'm assuming it ...
0
votes
0answers
44 views

How to report HSA capital loss on California tax returns, Schedule CA 540 form?

How do we report Capital losses on HSA for California State taxes form schedule 540? Do we need to attach Schedule D (of CA)?
5
votes
1answer
57 views

HSA Eligible Expense: Prepayment

I started a HDHP medical plan and HSA account on 1/1/2019. We then had our first child on 1/8/2019. The OB/GYN office took a prepayment for the delivery services before 1/1/2019. So the question is: ...
0
votes
1answer
74 views

Alternatives to VFIAX

I've had some of my HSA invested in VFIAX, an s&p 500 passive fund and also fourth largest fund in the US. My new HSA provider does not offer the fund. On offer are: VSIAX (Small value), VIGIX, ...
3
votes
0answers
43 views

What defines a transportation-related medical expense to be “primarily for, and essential to, medical care”?

I'm trying to understand which transportation-related medical expenses are IRS-Qualified Medical Expenses for health savings accounts (HSA). I understand that Publication 969 defines what HSAs are, ...
5
votes
2answers
102 views

Do employer contributions to an HSA count towards contribution limits?

They 2019 HSA contribution limit for a single person is $3,500. If my employer contributes $500, does that mean I can only contribute $3,000, or can I still contribute the full $3,500?
2
votes
1answer
41 views

Do HSAs have income limits for deducting contributions?

Traditional IRAs have income limits for claiming contributions as deductions. Do HSAs also have income limits for claiming contributions as deductions?
2
votes
1answer
55 views

Contribution limits and deadlines for HSA clarification

Taken from here. Partial Year Contributions If you establish an HSA by at least December of any year, your maximum contribution is the maximum amount (described above) for that calendar year. ...
6
votes
1answer
81 views

Using a healthcare Flexible Spending Account at the same time as a Health Savings Account?

Here is my situation: I have the high deductible insurance plan. The coverage includes my wife, dependent daughter and mysef. I contribute to an HSA. My wife has her own insurance through her ...
5
votes
1answer
115 views

HSA and Medicare: what if I get laid off?

I'm approaching 65; will continue working for a large company; will not be taking Social Security; have a high deductible insurance plan through my company which I will continue using (so will not ...
0
votes
1answer
108 views

Why do most HSA administrators require accountholders to have a minimum amount in their HSA before they can open up an investment account?

I read on an article at Nerdwallet titled 5 Health Savings Account Rules You Need to Know (mirror): Irvine warns that the majority of HSA administrators require the accountholder to have a steep ...
2
votes
2answers
280 views

HSA withdrawals for past years?

A hypothetical individual living in the US opened an HSA account in 2016. She was enrolled in a high deductible health care plan in 2016, 2017, and 2019. She kept records of all her qualified medical ...
0
votes
1answer
54 views

Why does it take “3 to 5 business days” for the trades to execute with Health Equity HSA accounts?

When making a trade with Health Equity HSA account, there is a notification: NOTES: The number of shares or the amount of the trade is only an estimate. The exact amount will depend on the ...
2
votes
2answers
54 views

Correcting a post-tax HSA deposit?

Due to a payroll error at work, my HSA contribution got put in twice for the first pay week. Once pre-tax and once post-tax. The extra total amount being in there is fine as it won't cause any limit ...
11
votes
2answers
993 views

When is an HSA expense “incurred”?

Starting next year (2019), my family will be covered by an HSA plan. A member of my family is undergoing a medical treatment, starting on 12/27/2018, which will continue into March 2019. There is a ...
3
votes
1answer
46 views

Can I contribute to an HSA after HDHP coverage ends mid year

I had a family HDHP for the first 8 months of 2018, and while I opened an HSA account during that time. Can I continue to make contributions to my HSA between September 1st 2018 and April 15th 2019 (...
2
votes
1answer
85 views

ACA and HSA question - seems HSA policies are a lot more expensive in premium and out of pocket

I am looking at ACA coverages in CT. The HSA policies cost a couple hundred more per year (family of 4) and I pay 100% of all costs not excluded by the ACA until the full deductible is reached, then ...
2
votes
2answers
46 views

HSA payroll contributions and additional .9% medicare tax

HSA contributions through payroll deductions are generally exempt from FICA withholding. Does this apply to the additional .9% medicare tax for income > 200k? For example, after reaching 200k in W-2 ...
1
vote
1answer
81 views

I have a HDHP with an HSA through my employer as well as a non-HDHP through my parents. Am I still eligible for the HSA through my HDHP?

I have a HDHP with an HSA through my employer as well as a non-HDHP through my parents. Am I still eligible for the HSA through my HDHP? I have an HDHP with an HSA through my employer that I started ...
2
votes
2answers
87 views

HSA End of Year Contributions

If someone starts work half way through the year and makes out-of-paycheck contributions to their HSA account that amount to less than $3,450 (say they amount to $1,450), would they be able to deposit ...
1
vote
2answers
81 views

I have Multiple HSA accounts and want to confirm my established date is correct

My employer changed HSA providers in June 2016. We were HSA eligible since 2014 and the original account was established then. My wife had surgery April 2016 yet I was using funds from the June 16 ...
2
votes
1answer
54 views

Co-enrolled in HSA and Non-HSA health plans

I was unemployed for all of 2017. So, during open enrollment for 2018, my girlfriend’s company agreed to put me on her HSA health plan as a domestic partner. She and her company were contributing to ...
5
votes
3answers
1k views

Can I pay myself back later in the year if my HSA doesn't have adequate funds earlier in the year to pay for an expense?

We are being offered an HSA/High Deductible plan and my only concern would be if I had to incur a significant expense at the beginning of the year - no plans to but you never know, right? If I don't ...
2
votes
2answers
125 views

Open an HSA at another bank and transfer even if I am not qualified to contribute?

Last month, my girlfriend got a new job with good health insurance and an FSA account. She has an HSA account from her previous job and the custodian is dinging her with monthly fees because she's ...
3
votes
1answer
75 views

HSA unemployement lump sum

What are IRS rules regarding employment termination and employee pre-tax lump sum contribution to HSA account? i.e. Jan 2019, Feb 2019 employee contributes 100 a week for total of $800 in HSA. ...
1
vote
0answers
30 views

Health Management Reimbursement Accounts (HMRAs / HMAs)

I recently heard about an interesting alternative to HSAs called "Health Matching Account Services" ("HMRAs"/"HMAs"). However, most of what I can find out about them is on the very website of their ...
4
votes
1answer
113 views

Deduction for HSA contributions when MFS

Assume the following scenario for married couple living in the US: Both spouses have coverage under the High Deductible Health Plan (HDHP) of spouse A Spouse B does not have coverage under any other ...
0
votes
1answer
105 views

Can we have both HSA and DCFSA

I was covered by my wife's HDHP with HSA plan from her employer with a deductible of 2500 (individual)/5000 (family). We recently became parents of a beautiful baby girl.I want to opt for health ...
-1
votes
1answer
63 views

HSA Distribution Reversal Challenges

I had been paying out of network dental providers the full amount on day of service with my Cigna HSA debit card. Then I received checks for the part insurance covers and deposited those in my bank ...
2
votes
2answers
489 views

What is the difference between a Health Savings Account (HSA) and a regular savings account through a bank?

What is the difference between a Health Savings Account (HSA) and a regular savings account that I might set up through my bank? I presume that withdrawals from an HSA can only be made for health ...
2
votes
1answer
64 views

What are the HSA limits with spouse having separate health plan and me with a child?

According to the open enrollment table in my HR guide, the 2019 HSA limits are: EE Only $3,500 EE + Spouse or EE + Child(ren) $7,000 My spouse has her own HDHP ...
1
vote
2answers
106 views

HSA deduction vs medical expenses

My understanding is that medical insurance premiums are not valid expenses for an HSA - but that they are deductible if you deduct your medical expenses - at least the part above 7.5% of income. ...
0
votes
1answer
68 views

How can all medical expenses be deducted from taxable income for a business with owner and 1 other employee?

How would I best set things up so as to fully fund my and my employees healthcare and reduce taxable income. I am am considering forming an LLC or S-Corp but don't know the pros and cons in this ...
3
votes
1answer
256 views

My dependent is covered by both HDHP and non-HDHP insurance plans - is this legal?

I cover my husband and stepchild on my HDHP insurance with an HSA account. Recently, we discovered that the child's mother purchased insurance to cover herself and her children, including my stepchild....
1
vote
2answers
119 views

HSA contributions - Tax-deductible vs pre-tax

I read the following on opm.gov: Your own HSA contributions are tax–deductible. Your own HSA contributions are either tax–deductible or pre–tax (if made by payroll deduction). I'm confused by ...
1
vote
1answer
108 views

Wash Sale Treatment Using Different Tax Advantaged Accounts [duplicate]

As a follow-up to this question: Wash sale rule impact on different scenarios between different types of accounts Do HSAs and 401k's fall under the same treatment as IRAs when computing tax losses? ...