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5

Answers to your questions: Can I continue with my individual HDHP from my employer and change my family HSA contribution to an individual; and at the same time can my wife do the individual FSA? Would this avoid a conflict? Unfortunately, FSAs automatically cover the medical expenses of a spouse. This means that if your wife has an FSA, you are ...


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A limited purpose FSA is materially different from a healthcare FSA. Most of the time when you read about an FSA it's within the context of a healthcare FSA. A limited purpose FSA is typically only able to reimburse healthcare type expenses that are specifically non-medical; usually things like dental and vision expenses, glasses etc. Limited purpose FSAs ...


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FSA is an employer plan with a feature called use-it-or-lose-it. It ends when your employment ends, and any money remaining in the plan is forfeited. If you left your old employer in August 2018, you certainly aren’t covered by the FSA now. It will not prevent you from being HSA-eligible.


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TL;DR: Use up the balance for fare cards and use those cards while looking for new work or commuting to a new job as it will probably take a while for any new employee benefits to activate. P.S. After looking at your history: Note that NYC MTA vending machines may have limits on how frequently a commuter benefits card is used (daily/weekly) for adding value ...


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Yes, FSA funds can be used to pay for medical expenses incurred by spouse and dependents (so long as the dependents have little to no income and can't be claimed by another). However, her FSA apparently makes you ineligible to contribute to an HSA. According to this HSA FAQ from WageWorks: Even though you are not covered by your spouse’s health insurance,...


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The most important thing to understand about healthcare FSAs is that it is not an account that you own. FSA is a Flexible Spending Arrangement (HSA is a Health Savings Account), in this arrangement you elect to forego some amount of your earnings to be made available to spend on healthcare expenses. When you incur qualified healthcare expenses, your ...


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I use Wageworks for my HSA. I know there is a place to add a person to the list of Patient names. The "add new patient" button is right next the patient name pull-down. After you click it it has you add a first name, last name and relationship. I have no idea if the the same option exists on the FSA accounts.


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If you mean you want to give your dentist money from your FSA for unspecified future services, then your insurance company is not going to permit this. Insurance payments must be for services actually delivered. Anything else is too open to fraud. If your FSA is not handled by an insurance company, but by your employer direct, then they still will not ...


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First determine what, if any, tax credit you would actually be eligible for based on your income or expected income. It's my understanding that for tax-year 2018, the income phase-out threshold for the child tax-credit was bumped from $75,000 to $200,000 ($400,000 for married filing jointly, with complete phase-out at $440,000). But now some of the family ...


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Here is how to report the amount you forfeited on Form 2441: Under your employer's dependent care plan, you chose to have your employer set aside $5,000 to cover your 2018 dependent care expenses. The $5,000 is shown on your Form W-2, in box 10. In 2018, you incurred and were reimbursed for $4,950 of qualified expenses. You would enter $5,000 on line 12 ...


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It appears you are talking about FSAs (Flexible Spending Accounts), rather than HSAs (Health Savings Accounts). An HSA has none of the restrictions you mention. So I am wondering, what happens to all the money you don't use? Does the government just take it from you? The employer gets back whatever money you do not use. They often use this money to: ...


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So I am wondering, what happens to all the money you don't use? They go back to your employer, which can use it to decrease administrative costs in future years, increase coverage, or refund it to employees (through a refund would be a taxable event). I believe they have to use the same option for all employees, so you can't, say, request a refund if your ...


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Most Dependent Care FSA plans have a grace period for submitting claims after the last day of the year. When I had one I think it was around 60 days meaning I could submit a claim until the end of February for the previous calendar year. Ask your HR department what the cutoff to submit claims is. Then, as soon as the last paycheck is funded, or in the ...


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None of what you describe sounds like a qualifying event for your wife to change her FSA election outside of open enrollment. The final arbiter of this would be the administrator of the dependent care FSA. Call them and ask about it.


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