When a person is laid off and still a person (individual) can contribute for the rest of the year and next year etc.. to my HDHP account in Fidelity. Now I am under my spouse ppo medical plan. Very good info. Thanks
Great question - while there aren’t any specific rules regarding using the HSA to pay for premiums, I would confirm with a tax professional before using them for that.
Hello! I have a question? I left my job that I sugned up for the HSA account. I haven't reach the $2000 mark to be able to invest it on the market. Also, the fees is eating my money every month. I am charged at $3.95/month and the broker called Health Equity, and if anyone know this company, please feel free to share some ideas. My new company offers FSA instead. Will my HSA be able roll it over to FSA? Or am I still able to contribute on my HSA this year and to the following years to come? If yes, how can I contribute?
If you are enrolled in a High Deductible Health Plan (HDHP)with your new employer, you can continue to contribute to your Healthequity HSA. The money in your account is yours and you should be able to either keep it there and use if for qualified expenses or add to it. You do not want to roll it into an FSA. FSA's require you to spend the entire amount of money in the account by years end on qualified expenses, every year. They are not very consumer, investor or user friendly. I've had FSA's pretty much take the money that was left and pocket it themselves. Ask your new employer if they will instead send the FSA contributions to your Healthequity account.
If you wait to use your HSA money down the road and keep an itemised list of medical expenses through the years, does the HSA benefit cover only past expenses that you incurred while you had the HSA? Or can you also include medical expenses from the past, when withdrawing HSA money, that were incurred before the inception of your HSA account? Thank you.
I need help. For the past 5 years my husband and I have been on a HDHP plan with HSA(employer gives a monthly contribution of $50) we pay $156/month (deductible of 3,000/fam and 9,000/fam for out of pocket). Within these 5 years my husband had a kidney transplant and has medication that he’ll be on for life as well as regular Dr visits and specialist visits. Lately we’ve been thinking about having a child and whether or not we should switch to a PPOThe PPO would cost us $216 per month (2,400 deductible/fam and 12,400 out of pocket/fam) Can you help me decide or what should I be focusing on. I’m so lost and scared of change but the PPO would be about$35 for copay at Dr so it sounds like it might be better but idk.
I'd love to answer this but it really depends on your situation. If you expect to visit the doctor a lot in a year, the PPO could be a better plan to use.
I have some questions... My husband is self employed. We have a family HSA. Instead can we get everyone in our family (including our 3 children at home) their own account and put in max yearly alottment for each one, and can my husband deduct it from his taxable income at the end of the year? That way we can contribute more than 7,300 a year across all individual accounts and set our kids their own accounts? My 3 kids at home are 7, 12, and 19. I also have a son who is 25, but he is in the military and fully covered medically, but can we set even set him up an account too? So he can use the money in retirement and maybe invest it? (Or is this cheating? LOL) Sorry so many questions. I do not understand any of this stuff really.
Thanks for asking. It depends on the plan sponsor but typically only the primary plan individuals can set up the account and kids cannot have their own accounts. You should check with the plan sponsor either way!
So to clarify, the money you spend from HSA on qualifying services/products will be reimbursed to you in your next pay check? Does that money get taxed? So ex. if i pay 1000 dollars for a medical device from HSA, I will get reimbursed 1000 dollars and then I can put that into my HSA again and be tax free OR I can accept that money as my income and get taxed from that 1000 dollars? Is my understanding completely off? lol
