Check with your employer’s human resources department / benefits specialists. You need a bank that offers HSA’s to set one up.
Google tells me you can open an HSA on your own, assuming you qualify.
The main question is how do I find out if I qualify. An hour (and 4 transfers) on the phone with my benefits dept produced zero results.
An HDHP is a health plan with an annual deductible of at least $1300/2600 and a maximum out-of-pocket of $6550/13100.
If you are covered by a HDHP and answer “no” to these three questions, then you qualify.
- Are you covered by any plan that is NOT an HDHP?
- Are you on Medicare?
- Does somebody else claim you as a dependent on their tax return?
Shoulda just called me.
Oh, and BTW–sounds like you guys should enlist the aid of a CFP.
CFP FTW!!!
hows the new gig going
Thanks man! I have to double check my max out of pocket (min qualifies), but provided I do qualify, can I still contribute for 2016 (before April 15) like an IRA? Or is it too late?
Also, does having FSA and HRA through the employer makes me ineligible for HSA? Some providers list that (not having FSA/HRA) as eligibility requirement and some don’t.
I don’t think I have seen krc excited about anything as much as retirement plans. #Yumyumyum
Who told you I am excited? I am f… frustrated.
Oh and what’s the c for?
I lol’d
I’m no Internet detective but I think it stands for “City.”
Umm… Then thanks for making me a city ??
If you have an FSA or HRA, then you are ineligible. Unless it is a “limited purpose FSA or HRA, a suspended HRA, a post-deductible health FSA or HRA, or a retirement HRA”.
You have until April 15 to make contributions.
And, for reference, Optum Bank has a pretty good HSA program. Here are the available investments (including Ohai’s favorite–the S&P 500 index.) https://www.optumbank.com/individuals-families/how-to-invest-with-hsas/mutual-funds.html
Look, you can’t just name yourself after New York City then be crazy when people call you city. Women, amiright6?
Hmm, actually, I don’t know why I put a C there. I probably mentally pictured “krnyc” as “krcnyc” or something like that. I would never offend you Kelly, I am your biggest fan (not physically - I am normal size in that regard).
I came to ineligibility conclusion by 2AM. My fsa is not limited purpose. Thanks for your help though.
PS: I did find Optum and Alliant Credit to be best provider choices
Disregard. I am cranky from the lack of sleep
Haha kind of like I used to always mentally read Whatsyourgovt as “Whatsyogurtfor”
Actually a far better name, btw. We should see if Chad will change his handle.
I think we all know that it’s Supyogov