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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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1answer
15 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
84 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
56 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
105 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....
0
votes
2answers
65 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
39 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? ...
4
votes
1answer
91 views

Am I subject to penalties if I accidentally transfer money to my HSA?

My bank lists my HSA next to my other checking and savings accounts. Sometimes I'll save money to an emergency savings fund I have. What if I transfer to the wrong account in error, and correct the ...
1
vote
1answer
39 views

Changing FSA vs HSA contributions mid-year

Am I understanding things properly that HSA's allow arbitrary annual contribution changes mid-year so long as they are within the maximum amount for that year while for FSA accounts you elect your ...
2
votes
1answer
34 views

Wife - HSA/HDHP -Husband traditional & HRA - wife receive $ from H HRA?

I currently have a HDHP/HSA individual plan through my employer. I have no coverage for health care and prescriptions, through my current plan until I meet my deductible of $3,000. After I payout $3,...
0
votes
1answer
60 views

Leaving a High-Deductible Health Plan (HDHP) during the year: can one still fully contribute to one's HSA? [duplicate]

Bob has a High-Deductible Health Plan (HDHP) and wants to maximize his contributions to his Health Savings Account (HSA). At some point during the year, Bob changes his health insurance from an HDHP ...
4
votes
1answer
323 views

Can I use an HSA to reimburse myself for expenses that would have been covered by my insurance?

Suppose I pay $200 to cover a medical expense. Also suppose that my insurance would only cover $10 of this and so I don’t even bother submitting a claim. Would I be eligible later to withdraw the full ...
3
votes
2answers
63 views

Can I Open A Personal HSA with a Bank to Pay Qualified Expenses Incurred When I was Covered by a Company-Sponsored HDHP?

I had a company-sponsored HDHP, which included a company-sponsored HSA. Both I and my employer cotributed. The first contribution to this HSA came two months after I started with the company; it was,...
0
votes
1answer
52 views

Switching benefits provider from HSA to FSA. Can I continue to claim the cost of my LASIK surgery?

I joined my current company in January and chose a Kaiser Permanente health insurance plan with a Health Savings Account (HSA), and chose the maximum contribution of $3,450 per year. The contributions ...
2
votes
1answer
47 views

HSA distribution for deferred insurance payment

My daughter recently started an orthodontics program that will last 13 months. We've covered the entire program cost up-front already. She is covered on my wife's insurance, and that will pay about ...
1
vote
1answer
122 views

Can I force my company to print a new, accurate, copy of my 2016 W-2?

Back in 2016 the company I work for went through a huge transition. Lots of things changed, but the relevant part is that early in the year we switched accounting systems and HSA providers. When I ...
2
votes
1answer
67 views

Can combined contributions to tax advantaged accounts exceed gross income?

If I am eligible to contribute to several IRS-recognized tax advantaged accounts that have separate limits (HSA, 401K, 457, IRA, etc) can I fund the contributions with prior savings when my gross ...
2
votes
2answers
82 views

What is the difference between HSA and HSA Checking account?

Before I always thought HSA is savings account, but recently I saw some banks providing HSA Checking. What is the difference between HSA and HSA Checking account? Are HSA and HSA Checking having ...
0
votes
1answer
32 views

Post tax HSA contribution but did not have HDHP for that year

I have an existing HSA but did not have a qualifed HDHP in 2017. I enrolled in a HSA-qualified HDHP for 2018 and made a post-tax contribution to my HSA in January, 2018 but it was applied to 2017. My ...
4
votes
1answer
45 views

Can you keep HSA funds if you change to a non-HDHP?

If one participates in a high deductible health plan and health savings account, then later transitions to a normal health plan that does not qualify for HSA what happens to the account? Are the funds ...
3
votes
2answers
52 views

Is it possible to use HSA funds to cover a medical expense billed to a different insurance plan, which is not a HDHP?

Long time lurker, but I have a question that I'd like some help with. Earlier this year my contract/government job switched companies so I had to sign up for new benefits. Company 1's benefits were ...
0
votes
0answers
31 views

HSA showing as taxable income on TurboTax [duplicate]

Do contributions to my HSA that I make through a payroll deduction add to my gross income on my 2017 federal income taxes?
2
votes
0answers
86 views

I overlooked to file Form 8889 (HSA contribution) on my tax return. Should I file an amended return?

I filed a 1040NR-EZ tax return. Only after I mailed it, I realized that I had an HSA which requires Form 8889 and the non-simplified 1040NR to be filed. My W-2 does show a W contribution in Box 12. ...
1
vote
0answers
21 views

I accidently signed up for HSA and paid the money back to the state I work for

I accidently signed up for HSA and paid the money back to the state I work for. Yet my W-2 still reported $1798.37 in box 4 for HSA and I rcvd a 5498-SA form for $1194.12, the amount I paid back. I ...
1
vote
0answers
69 views

How to report end of year value of HSA account?

I need to list the HSA account balance as of December 31, 2017. It would seem to be simple to just retrieve from the 1099-SA as it shows the value of the account on that date. Let's say the account at ...
1
vote
1answer
63 views

Withdraw from HSA that should have never existed

I have an HSA that apparently I was ineligible to hold due to the fact that I had a secondary insurance. Only my employer made contributions to it, I did not. My employer is going out of business ...
0
votes
1answer
81 views

FSA or Personal HSA

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 ...
2
votes
3answers
117 views

Pros/Cons of individual HDHP HSA's versus family HDHP HSA?

My wife and I deciding if we should keep individual HDHP with individual HSA's or be on the same HDHP and have one family HSA account. The insurance plan basically doubles the deductible and out-of-...
4
votes
1answer
408 views

Can a health care provider make a refund of an HSA payment by check?

We have a patient that is demanding a check from us (the provider) as refund instead of us refunding her HSA Debit Card. Can we do that?
8
votes
3answers
214 views

Can an HSA excess contribution withdrawal be done when you haven’t really contributed an excess?

If you find that you have contributed more to your HSA than your annual contribution limit, you can do an excess contribution withdrawal. This is effectively an “undo” button on your contribution: On ...
1
vote
3answers
94 views

Health Savings Account Contributions Tax Deduction

I'll start with my understanding of Health Savings Accounts and the tax deductions for them and medical expenses. Correct me if I'm wrong: Contributions to an HSA are tax deductible The contribution ...
2
votes
1answer
150 views

Do medical loan payments qualify as medical expenses for an HSA?

I had purchased a pair if hearing aids back in November 2017 which totaled approximately $8,000. My health insurance covered $5000 of the cost. That left me with a $3000 balance which I had taken a ...
2
votes
1answer
182 views

HSA erroneous deposit and withdrawal by employer

My employer erroneously deducted $1083 from my after tax paycheck and deposited it into my HSA account. When I brought it to my employer's attention they reversed the transaction deducting the $1083 ...
12
votes
3answers
963 views

Is it possible to use my HSA for a payment I've already made?

I misplaced my HSA debit card, and while waiting for a new one was forced to pay a qualified health care expense out of pocket. Is there any way to use my HSA to cover the expense retroactively?
2
votes
1answer
195 views

Should I get a corrected 1099-SA after paying back my HSA?

My doctor overcharged me in 2017, and refunded me the overcharge in 2018. I've sent the mistaken distribution back to my HSA provider with the necessary form, but they tell me that a corrected 1099-SA ...
3
votes
1answer
76 views

HSA distribution and medical expense deduction in the same year

I have had an HSA for 10 years and have been making regular contributions. I have not taken any distributions yet. Most years I did not deduct medical expenses on Schedule A, so I have a pile of ...
5
votes
1answer
104 views

How do I properly deduct HSA contributions?

I have an HSA for which I made prior year contributions last calendar year (contributions for 2016 made in 2017 before the filing deadline), current year contributions (contributions for 2017 made in ...
8
votes
3answers
1k views

What is the purpose of putting funds into an HSA when the interest rate is so low?

I have an HSA through my employer, of which I put a certain percentage of my salary towards. The "goal" of the HSA (as I understand it) is to have a lifetime plan to support your healthcare. Looking ...
2
votes
0answers
33 views

Funding an HSA with a one-time rollover from an IRA: Documentation trail

I know it's possible to make a one-time rollover from an IRA to an HSA (i.e., up to the amount allowed by the HSA). It's possible I already did this about 10 years ago. The paperwork I have on hand ...
1
vote
1answer
112 views

How to handle medical costs above maximum HSA contribution

I'm starting a brand new HDHP and HSA this year, and I want to make sure I understand how it works... My deductible and out-of-pocket are $13,100 (family) with insurance, and I also plan on spending ...
3
votes
4answers
428 views

Why it is recommended to have High Deductible Health Insurance and to have HSA - Max out the pocket?

Why it is recommended to have High Deductible Health Insurance and to have HSA - Max out the pocket? I am not able to understand the benefit of having High Deductible Health Insurance and HSA.
21
votes
3answers
7k views

Is it mandatory to have health insurance?

Is it mandatory to have health insurance? Assuming that I contribute $200 monthly, which for 12 months is costing me around $2400, and don't use the insurance, then having only FSA with a fixed ...
6
votes
1answer
145 views

How do I declare an HSA contribution that exceeds IRS limits in order to pay the 6% tax on the excess?

I have an HSA plan that was funded by myself and my employer. Due to a math error on my part, I mis-calculated how many pay periods there were in the year, which caused the HSA contributions from my ...
4
votes
1answer
91 views

What can I do with a HSA after I leave a HDHP

I have a HSA which I opened with a previous employer who offered a HDHP. My new employer does not have a HDHP plan. Because I'm no longer an employee with my previous employer, my HSA custodian (...
2
votes
2answers
199 views

Can I reimburse myself from HSA over 2 plan years?

I have a medical bill that for a procedure that occurred in December 2017. At the time I paid the entire amount to the provider using a credit card. I then reimbursed myself half the bill amount from ...
1
vote
1answer
135 views

Opened HSA that I am not eligle for… How do I get rid of it without getting in trouble?

In order to keep my insurance coverage through my husband's employer I was forced to sign up for my employer's High Deductible Health Plan. My employer knew I was keeping my other coverage but told ...
1
vote
2answers
86 views

Do I need an HSA in order to purchase an HSA health plan?

I live in New Jersey and am buying insurance through the healthcare.gov marketplace. Some of the plans are marked 'HSA'. Can I purchase these plans even if I don't have a health savings account? (...
3
votes
2answers
169 views

Why would anyone choose this PPO over PPO HSA?

The health insurance plan below has the following fees for an employee only coverage (excluding spouse + children plans to keep it simple): PPO 250: $605/mo ($7260/yr) PPO 2250 HSA: $351/mo ($4212/yr)...
2
votes
0answers
28 views

Are HSA manual vs. payroll deductions exactly the same benefit [duplicate]

If I have money taken from a paycheck, it comes out pre-tax. Not just state/federal, but pre-FICA too. I am closing on a home and won't have a house payment until February. For this reason I am ...
8
votes
1answer
805 views

What is the penalty for over-contributing to an HSA?

My employee switched to regular insurance in April making him ineligible for HSA contributions. Payroll neglected to stop taking his contributions out and it was recently discovered and has since been ...
11
votes
1answer
361 views

I have both an FSA and HSA. How can I fix this mistake?

Expecting a lot of medical expenses in 2017, I signed up for both the medical FSA and HSA offered by my employer. Unfortunately, my employer did not mention that it was against the rules to have both. ...