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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8
votes
1answer
663 views

What is the HSA contribution limit when you are only enrolled in HDHP for part of the year?

What is the HSA contribution cap for a person that is only enrolled in a HDHP for part of the year? For example, consider a single participant that was not previously enrolled in any other health ...
17
votes
2answers
41k views

How do I correct an HSA distribution when I was refunded by a health provider?

At work I'm covered by an HDHP with an HSA. My dentist has the policy of estimating the amount that my insurance will cover and asking for the remainder at the time of service. On my most recent ...
9
votes
1answer
7k views

Withdrawing HSA excess contributions?

I just got married a couple of weeks ago. I have a self-coverage only HDHP through my employer, with an HSA funded by my employer ($3000 per year). My husband has a family-coverage HDHP through his ...
14
votes
3answers
18k views

Comparing HDHP vs PPO Plans: Am I missing something?

It's that time of year at work that we're needing to renew our insurance carrier. HR decided to continue the two PPO plans we previously had available, while adding an HDHP + HSA plan. I've compared ...
13
votes
1answer
5k views

Can I get a rebate after using my HSA?

I used an HSA to buy some contact lenses. They came with a rebate form that I can send in to get a refund of about 1/5 of the purchase price. Is it okay to send away for the refund after using the ...
9
votes
3answers
1k views

Why do HSA qualifying plans have a max deductible?

In order to be eligible to make tax deductible contributions to an HSA account, you must have a qualifying HDHP (High deductible health plan). Among the requirements, is a deductible and max OOP ...
16
votes
5answers
8k views

Which is better: Employer-sponsored HSA or opening an HSA individually?

So I know that: Employer-sponsored HSA's allow you to deduct contributions directly from your paycheck, pre-tax With individual HSAs, you must contribute using post-tax dollars, then deduct those ...
18
votes
3answers
65k views

Can I use an HSA to pay off medical debts incurred before the HSA was funded?

Let's say that in year A I had a medical insurance plan without an associated health savings account, and incurred some medical expenses (co-pays, deductibles). I didn't pay them that year; they may ...
33
votes
5answers
3k views

Pros/Cons of a Health Savings Account (HSA) in the USA?

I am wanting to know the real benefits or pros/cons of a HSA in the USA. I have now been given the option of signing up for one due to healthcare changes. I understand some of the basics, but after ...
9
votes
2answers
13k views

How do I withdraw all money from my HSA account as a non-resident?

I have lived in US for 5 years, and I (still) have an HSA account with BoA. Now I am living in Europe, and there's a fat chance I'll ever go back to live in US, so I would like to withdraw the money ...
9
votes
2answers
350 views

How can I find/compare custodians for my HSA in the United States?

I have a high-deductible health plan that qualifies me to open an HSA (Health Savings Account). Where are good places to find an HSA in the US? What sorts of features should I look for? What extra ...
12
votes
3answers
3k views

Withdrawing qualified HSA expenses many years later, to earn interest?

Say I have $2000 in my HSA account and have a $1000 medical bill in 2012. If I were to pay the $1000 bill out of pocket and let that $1k left earn interest in my HSA for a significant amount of time (...
21
votes
5answers
4k views

How much should I fund an HSA? Is there a danger in over-funding one?

I'm reviewing my options for health insurance during open enrollment and one of them is a HDHP/HSA option. I hear these are best for young people without chronic conditions etc. I think I fall into ...
6
votes
2answers
1k views

HSA distributions and tracking receipts

During a presentation regarding HSAs I was informed the IRS can audit one for an indefinite period of time. The presenter suggested we keep records of our claims for 10+ years in paper form. This ...
14
votes
3answers
3k views

Treat HSA as an IRA?

As I understand it, any funds remaining in a Health Savings Account can be withdrawn for any purpose at age 59 1/2 (subject to ordinary income tax), making an HSA essentially behave like an IRA. Is ...
13
votes
1answer
9k views

Can I use HSA money to pay for family member that isn't covered by an HDHP?

If I'm in an HDHP, but my wife is on a different plan (non-HDHP), can I use money from my HSA to pay for her costs until she reaches her deductible?
11
votes
4answers
20k 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 ...
11
votes
2answers
2k 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 ...
7
votes
2answers
763 views

What is the relationship between a HDHP and an HSA?

I'm confused about how a HDHP and a HSA relate. I understand that there are tax advantages and the money in an HSA is yours to keep. Like any other health plan, an HSA-compatible plan, the ...
5
votes
5answers
3k views

Is this HSA too good to be true?

I am grandfathered into this PPO plan which we have one more year before they get rid of it. I think the HSA plan is better now for me but wanted to check. Is this HSA plan better for me? If I ...
5
votes
1answer
1k views

HSA/FSA, changing health plans mid year, concurrent coverage

My family is on the HDHP offered by my employer which has both an HSA and an LPFSA. The plan is on a calendar year (Jan 1 - Dec 31). We want to move to the plan offered by my wife's employer which not ...
4
votes
1answer
102 views

HSA Distribution for expenses between HSA plans

I have the following scenario. I am reading through the IRS publication on HSA's. Have an HSA that was funded while I had an eligible plan and let's say it has $1000 dollars in it Change to a non ...
3
votes
1answer
920 views

Self-managed IRA account brokerage as an HSA?

Most specific than this question, I'm desperately seeking a TD Ameritrade or E-Trade type online brokerage that offers self managed HSAs to accompany an HDHP. I cannot find one. Is there another key ...
22
votes
4answers
3k views

Is it worth saving HSA funds until retirement?

I recently discovered that there is no lifetime limit to contributing to an HSA account - provided that you don't contribute more than the limit per year. Assuming that an individual makes a decent ...
17
votes
2answers
23k views

Can I change banks for my HSA account?

My employer provides a High-deductible health plan with HSA option. One thing I was surprised by was how many fees were associated with the HSA account offered through my employer (the HSA is ...
21
votes
2answers
1k views

Using a Health Savings Account (HSA) as an investment vehicle: What are the drawbacks?

For next year, my company has started offering an HDHP with an HSA. With this, they will contribute $500 per year flat, and 50% matching up to $500 (where they will match $250; up to $750 total). I ...
13
votes
5answers
40k views

Wife has FSA with employer, and my new employer offers an HSA plan. What to do?

Current Situation My wife currently has a general health FSA with her employer. The fiscal year started on October 1. We have spent about a third of the money in the account, but she obviously has ...
12
votes
3answers
4k views

Can I afford to take this job's high-deductible health care plan?

I don't have the job offer yet, but one of the jobs I'm looking at would offer me only a high-deductible health insurance plan with an HSA (I don't knw what the deductible is exactly yet). However, ...
10
votes
1answer
338 views

HSA without a HDHP [USA]

I had an HSA with an HDHP with a former employeer. I left that company and now have a traditional health insurance plan. Should I continue to contribute to my old HSA account? Are there any tax ...
10
votes
4answers
80k views

How should pre-tax contributions to an HSA show up on a W2?

How should pre-tax contributions to an HSA account show up on a W2 from an employer? I thought they would show up like 401k or similar but that doesn't appear to be the case. If I made $50K and put ...
6
votes
1answer
771 views

HDHP Part of Year, HSA Max Contribution

What HSA contribution limits exist if a person for a portion of the year had an HDHP plan and for another portion of the year had a co-pay plan? Examples: Jane worked for Company A for four months ...
5
votes
1answer
6k views

Can I pay for my wife's hospital bill from my HSA?

My wife is on a different insurance plan than me. Different provider and all. I have a HSA that my employer and I contribute to every paycheck. Can I pay for my wife's hospital bill with my HSA ...
5
votes
1answer
460 views

Do I have to wash money through HSA account?

I paid for my eligible health expenses from my regular account at the end of 2014 and beginning of 2015 because I did not have enough money on my HSA account. Now that I realize that I can contribute ...
4
votes
1answer
249 views

Excess HSA Contributions Used For Medical Expenses

I have a potential employer with a strange solution for healthcare. They wish for you to select a HDHP from the marketplace with an HSA then they fund the HSA to pay for the healthcare premiums. I ...
3
votes
1answer
136 views

HSA over-contribution if I lose my job part way through the year

My employer provides my health insurance as part of my compensation and benefits package. It is a qualifying HDHP and as such every year I generally max out my HSA, either through payroll deductions ...
3
votes
1answer
861 views

Can return fees be reimbursed from an HSA?

Suppose I buy some prescription eyeglasses from an online site. Then suppose after I get them I decide I don't like them, and I return them. In such a case, the seller may charge me some fee (e.g., ...
2
votes
1answer
1k views

HSA penalty with Medicare part A

I just retired from my job at age 65 effective 3/31/17. I was contributing to an HSA up until 3/31/17. SSA says I will be penalized if I start taking my Social Security benefits now because SSA will ...
2
votes
2answers
322 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 ...
8
votes
3answers
487 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 ...
8
votes
1answer
7k views

Can I use an HSA to pay financed payments for LASIK?

I understand that an HSA can be used for qualified medical expenses, and that LASIK falls under this category. I'm considering getting LASIK done and would like to use my HSA to pay for it. However, ...
7
votes
1answer
337 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 ...
7
votes
2answers
549 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 ...
6
votes
1answer
1k views

HSA qualification and contributing with multiple HDHPs?

So I've read the IRS publications and I'm still kind of confused. I have single coverage on my employer's health plan with a qualified HDHP and along with an HSA. This is pretty clear cut. I am ...
5
votes
1answer
394 views

Does it make sense to max out contributions earlier in the year?

Let's say a person is making regular monthly contributions to his/her Roth IRA, HSA, and 401K with employer match, up to annual limits. All contributions are put into index funds. Assuming this person ...
4
votes
1answer
21k views

Can I pay past expenses using an FSA opened midyear?

In my old job I had a HDHP and HSA. Midyear, I started a new job and switched to a standard insurance plan and an FSA. Can I submit receipts for expenses from January to the FSA that I just opened in ...
4
votes
1answer
104 views

I am 66 and am not yet enrolled in Social Security or Medicare Part A or B. I am currently employed and have a HSA

I am 66 and am not yet enrolled in Social Security or Medicare Part A or B. I am currently employed and have a HSA with semi-monthly contributions taken out of my paycheck. It is currently October ...
2
votes
1answer
95 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 ...
2
votes
1answer
2k views

Should I include my employer's HSA contributions on Line 21 (Other Income)?

Ah, tax season. I have an issue. My medical deductible is $5000 USD a year. My employer contributes $5200 to an HSA account, and it shows up on my W-2 box 12. The main question is, does this ...
2
votes
2answers
2k views

Choosing between an HSA and PPO

I need to choose between a PPO and HSA plan offered by my employer and it seems like the "obvious" choice is the HSA plan but I fear that I am missing something that will come back to bit me later. ...
2
votes
2answers
620 views

Have you handled a Health Savings Account on your Alabama/California/NJ state tax returns?

I'm looking at https://www.bogleheads.org/wiki/Health_savings_account#State_taxation_of_HSAs where it says "you are required to keep good records, track the state cost basis manually, and report HSA ...