20
votes
Accepted
Can I afford to take this job's high-deductible health care plan?
My opinion is that, in general, the HDHP+HSA is usually a better option for both the employee and employer than a traditional health plan. But of course, the details vary.
Besides knowing the premium ...
- 116k
11
votes
Accepted
Why do HSA qualifying plans have a max deductible?
The government wants to encourage everyone to buy health insurance, because with more healthy people buying health insurance, the rates can be reduced for those that are less healthy.
Ask yourself ...
- 116k
8
votes
Can I afford to take this job's high-deductible health care plan?
First some numbers for 2021 from the IRS:
Annual contribution limitation. For calendar year 2021, the annual
limitation on deductions under § 223(b)(2)(A) for an individual with
self-only coverage ...
- 144k
7
votes
Wife has FSA with employer, and my new employer offers an HSA plan. What to do?
I believe the following statement by JAGAnalyst is incorrect:
In your wife's case, if you have an HSA and she has traditional health benefits with an FSA, this is not considered a problem since she ...
- 111
7
votes
Moving from individual HDHP to family HDHP, can my wife only contribute to an HSA?
From the IRS:
Rules for married people. If either spouse has family HDHP coverage, both spouses are treated as having family HDHP coverage. ... [T]he contribution limit is split equally between the ...
- 16.2k
6
votes
Accepted
My dependent is covered by both HDHP and non-HDHP insurance plans - is this legal?
When we discuss HSA eligibility, we need to look at two factors. We need to look at whether or not you are eligible to contribute to your HSA, and we need to look at what expenses are eligible to be ...
- 116k
6
votes
Accepted
I spend more on healthcare than my HSA can cover right now. How to handle reimbursements?
The HSA tax deduction comes when you contribute money to the HSA, not when you take money out. So you can contribute up to the max and take your maximum deduction each year, regardless of what medical ...
- 116k
6
votes
Accepted
Can you keep HSA funds if you change to a non-HDHP?
The HDHP requirement applies to your HSA contributions, but not to your HSA distributions.
Once you have money in your HSA, it is yours to spend on qualified medical expenses, whether or not you ...
- 116k
5
votes
Wife has FSA with employer, and my new employer offers an HSA plan. What to do?
I work in the FSA/HSA/HRA industry and just wanted to point out that if your wife has a medical FSA, you cannot contribute to an HSA whether or not you are covered by her medical insurance plan. The ...
- 51
5
votes
Accepted
What can I do with a HSA after I leave a HDHP
In order:
Yes, you can rollover an HSA, even if you don't have an HDHP:
You can roll over amounts from Archer MSAs and other HSAs into an HSA. You don’t have to be an eligible individual to make a ...
- 1,334
5
votes
Accepted
HSA/FSA, changing health plans mid year, concurrent coverage
You said "you can't have an HSA if you are eligible to contribute to an FSA," but that's not quite accurate. The fact is you can have an HSA, but you can't contribute to it if you have an FSA or any ...
- 116k
5
votes
Accepted
Moving from Family HDHP/HSA, to individual HDHP/HSA and individual FSA?
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? ...
- 116k
5
votes
HSA vs. Health Sharing Ministries
Your literal question is,
Have you seen a comparison of Health Sharing Ministry Plans vs. HDHP plans when the health sharing plan is provided by your employer & HDHP is personal?
No, I haven't ...
- 17.1k
4
votes
How to find HSAs?
By adding a phrase to your statement it becomes true:
I thought an HSA was something that I could open with any bank that offers one.
Of course this only helps you if your employer offers the ...
- 47.3k
4
votes
Accepted
Moving from individual HDHP to family HDHP, can my wife only contribute to an HSA?
Even if you are allowed to contribute to your existing HSA, you will receive the best tax benefit by making contributions through a payroll deduction. The IRS says that contributions to an HSA can be ...
- 144k
4
votes
Can only the individual version of this health plan be a High-Deductible Health Plan?
Is the plan being advertised as an "HSA" or "HDHP" plan? There are more requirements than just the deductible that need to be met to be compatible with HSAs.
The deductible you ...
- 116k
3
votes
Why do HSA qualifying plans have a max deductible?
I suppose one reason is that you could have a health care plan structured such that it is nothing more than an additional retirement plan.
For example suppose a high income individual wants to save ...
- 78.5k
3
votes
High-deductible health plan. Deductible calculations?
If your doctor is in network or accepts Medicare, he is obligated to accept the payment schedule. Your responsibility is the co-pay terms of your contract. If the contract denies payment for the ...
- 76.9k
3
votes
Does this Health Plan qualifies as HDHP?
In order to qualify as a "High Deductible Health Plan" HDHP, the plan must do both:
Have deductibles equal to or exceeding the IRS guidelines
Not pay benefits, other than preventive care, until the ...
- 49k
3
votes
Wife has FSA with employer, and my new employer offers an HSA plan. What to do?
According to the IRS, it appears there is no issue in a spouse under EE or EE+Child(ren) coverage contributing to an FSA while you contribute to an HSA under an EE Only HDHP account:
https://www.irs....
- 31
3
votes
Accepted
No-Deductible plan or High Deductible HSA plan?
If the plans are otherwise identical it would seem that the HDHP is superior, as the employer HSA contribution will cover all of your out of pocket costs up to the deductible and then some. However ...
- 1,886
3
votes
Electing Cobra with HDHP after layoff
For the employed, an HSA (or 401(k) or other pretax retirement account) deposit comes off the top, i.e. it's deducted before taxes are withheld.
For those of us not employed, the HSA deposits are ...
3
votes
Accepted
Electing Cobra with HDHP after layoff
HSA contributions are handled on Form 8889 as part of the tax return.
On the form, Line 2 is where you put anything that you sent in directly to your HSA with your own after-tax money. Line 9 is ...
- 116k
2
votes
Wife has FSA with employer, and my new employer offers an HSA plan. What to do?
See IRS Revenue Ruling Rev. Rul. 2004-45 in Internal Revenue Bulletin IRB 2004-22:
Page 972:
Consequently, an individual who is covered by an HDHP and a health FSA or HRA that pays or reimburses ...
- 121
2
votes
Which is better: Employer-sponsored HSA or opening an HSA individually?
I have a couple other important considerations regarding external HSA accounts vs employer sponsored HSA accounts.
Depending on your personal financial situation and goals; some people like to use ...
- 21
2
votes
Comparing HDHP vs PPO Plans: Am I missing something?
My options are as follows:
HDHP/HSA: $2747.94 Premium, $3000.00 Deductible, $1000.00 HSA Contribution, $6850.00 Max out of pocket.
Traditional: $3552.12 Premium, $1200.00 Deductible, $0.00 HSA ...
- 21
2
votes
"Out of Pocket Maximum" and health insurance plan terminology & calculation?
Actually, every insurance plan I ever had includes the deductible in the out of pocket max. Example: my current plan has a $500 deductible and a $3000 out of pocket max. I have to pay the first $500, ...
- 21
2
votes
How to handle medical costs above maximum HSA contribution
Yes, you may use HSA funds for expenses incurred any time after the HSA was opened. When the contribution was made and what the tax year is does not matter.
You cannot reimburse yourself for expenses ...
- 592
2
votes
Does a CDHP plan count as an HDHP plan?
As I understand it, Consumer-Driven (or Consumer-Directed) Health Plan is a relatively recent marketing term for health insurance plans. The term has no legal definition, but a CDHP generally is a ...
- 116k
2
votes
Why do HSA qualifying plans have a max deductible?
It seems this stems from which agency controls which maximum. For HSA limits the IRS is in control, for ACA compatible plan limits Health & Human Services (HHS) is in control. The IRS issued ...
- 49k
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