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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. Must include an appropriate country tag.

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2 votes
1 answer
77 views

Paying off large medical expense loan by using HSA

I am taking out a loan to pay for a medical expenditure that is a qualified medical expense. The loan is one of the 0% for 2 years, so naturally I'd like to keep the money in HSA earning interest as ...
3 votes
1 answer
48 views

Can I switch from my spouse PPO plan to HSA plan

I am on my spouse PPO plan as dependent and he is filing taxes married and filed jointly with his name. Now I got new job where my employer is giving HSA account(employer contribution too!). Can my ...
2 votes
1 answer
39 views

Excess (or not) HSA Contribution Problems Due to Medicare Enrollment-6 Month Rule

I'm hoping someone can guide us to solve our HSA problem. In April 2024 my wife filed an application for Social security benefits (she will be 70 this year), which she supposed to receive in July 2024....
3 votes
3 answers
2k views

Deciphering my Payroll stub

My employer here in Florida doesn't offer health benefits. However, each pay period (every 2 weeks) they include $150 (untaxed) for me to spend toward health care. Am I required to spend that on ...
3 votes
2 answers
458 views

What is the maximum contribution allowed to my HSA if my husband is enrolled in a PPO plan, while both my child and I are enrolled in a CDHP/HSA plan?

What is the maximum contribution allowed to my Health Savings Account (HSA) if my husband is enrolled in a PPO plan, while both my child and I are enrolled in a CDHP/HSA plan?
1 vote
2 answers
94 views

HSA Excess Tax Question

I over contributed to my 2023 HSA in January 2024, and already had the excess and the earnings distributed to me in February 2024. The excess contribution was $30.76 and the earnings were $0.76. For ...
0 votes
1 answer
206 views

Buying REITS in your Healthcare HSA?

I have a healthcare HSA account through work and am trying to figure out an investing strategy that makes use of the triple tax advantages of an HSA, does grow a decent amount faster than inflation ...
3 votes
1 answer
375 views

Can my spouse use her HSA funds to pay for insurance premiums if she lost her job?

My wife was recently laid off and will be joining my health insurance plan that I have through my employer. She's on a visa, so will not be claiming any unemployment benefits. Since my insurance will ...
1 vote
2 answers
229 views

Unexpected contribution to HSA after joining Medicare

In November 2023 I applied for Medicare Part A (the same month I turned 65) A few months prior to November 2023 I instructed my employer to stop the payroll deductions to my HSA account. Payroll ...
1 vote
1 answer
137 views

Excessive HSA employer contribution corrected within the same calendar year: do I have to report it in my tax form (if so, how?) and will I get fined?

I live and work in the USA. My employer erroneously made an excessive employer contribution to my HSA, which was corrected within the same calendar year, specifically 2 days after the excessive ...
6 votes
3 answers
1k views

Would funding a Fidelity HSA from a bank account instead of direct deposit incur extra taxes?

While opening a Health Savings Account with Fidelity, I was asked whether I wanted to add money to my account by either linking a bank account or directly depositing my paycheck. My understanding was ...
2 votes
2 answers
148 views

Where should I report HSA contributions from insurance (not me or my employer)

I make regular contributions to my HSA through my employer payroll, which is reported in my W2 at the end of the year. I also occasionally make contributions from my bank account up to the annual max, ...
2 votes
2 answers
145 views

Can only the individual version of this health plan be a High-Deductible Health Plan?

I'm looking at a health insurance plan that has a deductible of $3000, for each person enrolled. If you enroll one person, it pays out when that person has $3000 or more of medical expenses. If you ...
1 vote
1 answer
308 views

Use HSA for medical expenses or save it for investment?

If investment growth using an HSA account is not subjected to taxes, then isn't it better to invest using HSA than investing on stock platforms like Fidelity or Robinhood? When I use the funds in the ...
3 votes
1 answer
155 views

Whether or not to take HSA distribution?

Our situation: my wife and I (both 30) are expecting to incur substantial health expenses this year for some upcoming dental surgeries she needs, somewhere in the range of $12k-$14k. We're currently ...
1 vote
1 answer
104 views

Qualifying for an HSA contribution

There are two basic criteria to check if your health insurance qualifies for HSA contributions. (There are details on the IRS website.) Minimum annual deductible (single person): $1,500 Maximum ...
0 votes
1 answer
129 views

Change an HSA to HRA?

Hi How do I stop my HSA and start an HRA? I will be getting Medicare next February. I am on SS disability. I have a High Deductible health plan and want to keep it.
4 votes
2 answers
224 views

Will changing HSA custodians result in losing investment value?

My HSA custodian was acquired by another custodian, and they're planning to liquidate my investments at the old custodian, and then transferring that into a money market at the new custodian. At that ...
10 votes
2 answers
4k views

Can I switch from FSA to HSA mid-year while switching employers?

From January through March this year, I was employed by Employer A and had an FSA set up for $500. I have spent all of the FSA. Starting the first week of April, I have been employed by Employer B. ...
4 votes
3 answers
507 views

HSA - Date Expense Incurred - Multiple Dates

I have a bill from my doctor for 2 services, one was performed in January and the other was in March. I have had my HSA for several years and these are qualified medical expenses. Since I have a ...
1 vote
1 answer
43 views

Non-medical HSA withdrawal and a subsequent HSA deposit for previous year tax reduction

The U.S. Health Savings accounts allow for a withdrawal for any purpose, but when used for something else than approved medical expenses, the withdrawal is subjected to taxes and a 20% penalty. ...
3 votes
1 answer
548 views

HSA and Concierge Medicine

I currently have a high deductible healthcare plan and max out my HSA. I am looking for a primary care doctor and have decided to use a concierge doctor. On the doctor's website it says: Insurance ...
3 votes
1 answer
947 views

Do you really get double penalized for rolling HSA excess contributions to the next year?

I'm filing my taxes with HR Block and I'm concerned that what I'm being told about my excess HSA contribution may not be accurate. I'm told that if I roll the excess into the next year then: I pay ...
0 votes
1 answer
65 views

Dual insurance question

Here is the scenario: I am about to retire from the state of CA, but I will retain my State of CA health insurance (PPO--Anthem PERS Gold). I am going back to federal employment, and I have several ...
5 votes
1 answer
221 views

IRA to HSA transfer - do the funding limits apply?

A person has $60,000 in his traditional IRA with a cost basis of 0. He has the right kind of health insurance. Can he do a one time transfer of the $60,000 to his HSA? That is, do the normal HSA ...
23 votes
1 answer
5k views

If I use HSA to make an emergency payment for rent, how would I inform the IRS of that?

Some background: The house I was renting was made unlivable due to an apparently exploding sewer pipe and resultant sinkhole. I am currently living in a hotel while looking for a suitable apartment. I ...
2 votes
1 answer
306 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 ...
2 votes
2 answers
99 views

Health Savings Account Eligibility

I am in United States on work visa and want to set up a HSA account. I have insurance from my employer and need to know I am eligible for HSA account. I contacted the insurance company 3 different ...
14 votes
2 answers
2k views

Difference between Health Savings Account (HSA) & Flexible Spending Account (FSA)?

What is the practical difference between a Health Savings Account and a Flexible Spending Account? What are the pro's and con's of each, and are there situations where either is best?
2 votes
1 answer
311 views

Is writeoff gone forever if I trigger a wash sale by repurchasing in an HSA?

I sold 20 contracts of XYZ call option spreads at a total loss of $25,000 in a taxable account. The next day I bought 10 shares of XYZ in my HSA (oops - I hadn't realized that this counts as a wash ...
3 votes
1 answer
767 views

Can one buy I bonds within an HSA (Health Savings Account)?

I read: You can’t buy I bonds within an IRA or employer-sponsored savings plan, such as a 401(k) plan. You’ll need to buy I bonds with money that you didn’t save in these programs. Can one buy I ...
-1 votes
2 answers
632 views

Where can I see my interest and dividends earned as well as net capital gain/loss for my Fidelity HSA last year?

As I was a tax resident of California in 2021, I must report the interest and dividends earned as well as net capital gain/loss for my HSA account, which is managed by Fidelity: Where can I see my ...
2 votes
1 answer
1k views

Do I need to include Schedule 1 & 2 with my federal tax return if all values are zero?

Since I have an employer sponsored HSA for the first time in 2021, I have completed form 8889 to report the employer and pre-tax contributions (auto deducted from my paycheck) that I made throughout ...
2 votes
3 answers
113 views

How to compare investment options for HSA

I'm having some trouble comparing ETFs or other index funds. I have some money in a Health Savings Account which I would like to automatically invest and use when I'm old and in need of care. One ...
28 votes
2 answers
8k views

What happens if you violate an IRS limit by less than 50 cents?

Not entirely sure how, but between pass-through contributions, payroll deductions, and a manual contribution at the beginning of last year that was supposed to cover the gap caused by the inability to ...
0 votes
2 answers
501 views

How do i correct an HSA contribution on my taxes?

In March of 2021 I deposited $8000 into my HSA account but am now being told by my custodian that it went toward my 2021 contribution, not the 2020 as I intended, which follows the same pattern I have ...
13 votes
4 answers
22k views

Can a US expat have and use an HSA for the tax benefits while living abroad?

I am a US expat living abroad. As some of you may know, I still have to pay US taxes on my foreign income, even though I've been abroad for more than 5 years. That said, I obviously want to minimize ...
3 votes
1 answer
119 views

Setting up an HSA

I am trying to set up an HSA (obviously this is in the USA.) I have a small business with a single employee and I am pretty sure my heath insurance plan is considered high deductible (individual/...
0 votes
0 answers
38 views

Have a HDLC health insurance with a $4000 benefit going into a HSA. Just found out I am not eligible for the HSA. How to rectify

Did not know I was not eligible for HSA as I have had Medicare for several years. The $4000 dollars the company put into the account has been used as my wife had major surgery. There is a $3000 ...
21 votes
7 answers
6k views

Are the HSA and FSA bad deals?

As I understand it, the HSA and FSA accounts are intended to provide individuals with a way of not paying tax on money they spent on healthcare. The individual sets up the account to receive a portion ...
0 votes
0 answers
41 views

Can you take a disbursement from your HSA account long after a procedure? [duplicate]

Assuming that an hsa qualified health care plan is in effect: Can you do the following? Get a procedure that is covered and pay out of pocket for it After the procedure save up money in your HSA Take ...
1 vote
1 answer
451 views

How significant is the tax penalty for HSA contributions for the 6 months prior to Medicare enrollment?

I qualify to enroll in Medicare in 2 months. I am learning about the 6 month look back period for HSA contributions. For the last 6 months, I and my employer together have contributed $1,200 to my HSA....
2 votes
2 answers
89 views

Electing Cobra with HDHP after layoff

I have researched that if a COBRA plan is a HDHP, one can continue to contribute to their HSA. How would one contribute to HSA pre-tax if laid-off? Or Would the HSA contributions be deducted on tax-...
2 votes
0 answers
80 views

Has there been any studies or economic theories regarding HSA and whether to save/spend

HSA have triple tax advantage: Pre-tax contributions Tax-free growth Tax-free withdrawals for medical expenses If one planned to only use this money for medical expenses after retirement (62), is it ...
3 votes
2 answers
1k views

Borrow and return HSA funds in same tax year - taxes and/or penalty?

I've had an Health Savings Account for several years now, and I know I can only take out funds from it for qualified medical expenses. I'm wondering if there will be any taxes and/or penalties if I do ...
6 votes
1 answer
244 views

Does a qualifying life event require changing retroactively to the date of the event?

My employer offers several insurance plans, including both a low-deductible plan and a high-deductible HSA plan. Suppose my family was planning to have a baby in the middle of next year. Would it be ...
3 votes
1 answer
95 views

Medical transportation expenses (mileage) for an elderly relative

We have driven an elderly relative to her medical visits, because she cannot drive herself, and needs help communicating with medical staff. She is not our dependent, however. We have a Health Savings ...
1 vote
2 answers
140 views

New HSA contribution deadline for previous tax year

I had a qualifying event which resulted in a new High Deductible Health Plan (HDHP) with new HSA active as of 2021-01-01. I've been making contributions pre-tax through my employer every paycheck. Can ...
4 votes
1 answer
551 views

HSA amount contributed by employer missing on W-2

I received my W2 and there is nothing listed for HSA contributions. I did not contribute anything; however, my employer did contribute $3500 to it. Do I need to report anything when I file my taxes?
7 votes
3 answers
2k views

Put lump sum into HSA

I have an HSA account that I currently have setup through my employer to do that max bi-weekly contribution possible, however, I have recently had some medical issues come up, and I have nearly ...

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