[Hidden-tech] Looking for answers to health savings account questions

[Andy Klapper]

Sigh.  It looks like this will not be possible (I’d love to hear otherwise).  The requirements not only say that you have to have a high deductible plan, but that you cannot be covered by another health plan.  So it is not possible, as I was hoping, to get a dirt cheap doesn’t cover anything insurance plan and get an HSA attached to that plan without having to drop my wife’s plan.

 

Thanks for the links Terran.

 

 

Andy.

 

Andy Klapper

Asgard Technology Group, LLC

Making Complex Software Simple

Andy at Asgard-Tech.com

(860) 805-1189 (cell)

 

From: Terran Birrell [mailto:terranrb at gmail.com] 
Sent: Friday, December 05, 2014 6:37 PM
To: Andy Klapper
Cc: Hidden-Tech Tech
Subject: Re: [Hidden-tech] Looking for answers to health savings account questions

 

It may be that the plans offered by your wife's company are not eligible for an HSA. You need to have a very specific kind of high deductible health insurance plan to be eligible. Here's some info about what sort of plan you would need to have: http://www.irs.gov/publications/p969/ar02.html#en_US_2013_publink1000204025

 

Also, it seems like most HSA accounts are held by banks that do only that (at least those are the options with the plan we signed up of this year). I don't think most banks offer HSA's. Here's an example of one such HSA-only bank: http://www.hsabank.com/

 

On Fri, Dec 5, 2014 at 4:59 PM, Andy Klapper <andytk at charter.net> wrote:






Does anybody know of a resource I can talk to about health savings accounts?  The bank is unwilling or unable to answer any questions and my situation is not vanilla but probably not that unusual either.

 

Background – health savings accounts allow you to save money tax free for medical expenses.  Unlike a FLEX spending plan money saved in a health savings account can be rolled over year after year.  

 

Normally a self-employed person like myself would get a cheap large deductible healthcare plan and couple that with a health savings account to cover things like flu shots and doctor’s visits.  

 

I already have insurance through my wife however but her plan doesn’t provide health savings accounts only FLEX spending plans.  My main reason for wanting such an account is because I’m thinking about some elective medical expenses next year but will not have a dollar figure before my wife has to lock in her FLEX amount.  Given that FLEX plans are use it or lose it setting it too high means lots of contacts and glasses at the end of the year to burn through left over money and setting it too low is a loss of tax savings.

 

I am hoping that I can set up a health savings plan in January when I do know the amount.  There are many questions that I need answered and I’d rather not get an accountant for a questions that could be a simple, yes I can or no I cannot.  In fact I’m hoping that some resource for the self-employed, government or private, will be able to help me determine what is and what is not possible. 

 

So has anybody else been in my situation before or know of somebody I can call to get a couple of questions answered?

 

 

Andy.

 

 

 

Andy Klapper

Asgard Technology Group, LLC

Making Complex Software Simple

High Speed Multi-Threading Specialists

5 Anna Marie Lane

East Longmeadow, MA 01028

Andy at Asgard-Tech.com

(860) 805-1189 <tel:%28860%29%20805-1189>  (cell)

 

 

 

 

 


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