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

[Holly Givens]

We were able to set up health savings accounts at TD Bank in Greenfield, so
it is possible to set them up at any bank that offers them. I think we are
among the few to do so at that branch, as the people helping us had to look
up the proper procedures for establishing the account. The local/regional
banks and credit unions in Franklin County did not offer HSA accounts when
we set ours up two years ago.

On Fri, Dec 5, 2014 at 6:36 PM, Terran Birrell <terranrb at gmail.com> wrote:

>
>
>
>
> 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 (cell)
>>
>>
>>
>>
>>
>>
>>
>>
>>
>>
>>
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>
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