Two HDHPs and an HSA
Posted 02 August 2004 - 01:09 PM
Posted 02 August 2004 - 01:59 PM
Posted 02 August 2004 - 04:03 PM
Posted 25 August 2004 - 10:36 AM
• The individual is covered by a “high deductible health plan” or “HDHP;”
• The individual is not covered by any health plan that is not a HDHP that provides coverage for benefits covered under the HDHP;
• The individual is not entitled to benefits under Medicare (generally, has not yet reached age 65); and
• The individual is not able to be claimed as a dependent on someone else’s tax return.
So, if a husband and wife both have HDHP's at their respective employers, they can both enroll and have HSA's. There are special rules for calculating the limit for married individuals when one of them has family coverage-- you'll have to check the IRS regs directly.
Posted 25 August 2004 - 11:24 AM
In any case, the employee even if covered under 2 plans is still covered only by HDHPs and should be eligible for an HSA.
Cost Reduction Strategies
Burns and Associates, Inc
Posted 25 August 2004 - 11:42 AM
Posted 25 August 2004 - 01:19 PM
Posted 30 August 2004 - 10:19 PM
If a person only has a HDHP plan (or plans), then you look at the HSA rules. I don't have the dollar limits handy. But, you look at the first individual. If he/she only has individual coverage, you base the HSA limit on the deductible (using the lower deductibe of the 2 policies). If he/she has family coverage, then you use the deductible under that policy. But, that higher limit must be split among the family members. They can split it however they want - but the total HSA contributions as a family can't be more than the deductible under the HDHP (or if less, the applicable HSA dollar limitation).
Posted 23 September 2004 - 02:27 AM
Total costs for insurance, including dental, for our family - 400.00 monthly, plus withdrawals to equal $3000.00 annually in pre-tax dollars for the supplemental plan. We can not roll any unused dollars into the next year. Insurance covers 80% of all medical costs and 100% of routine screenings and checkups.
I am wondering if a HSA might be better since we could roll any unused money into the next year - tax-free. However, this would be after tax income. Also, we'd have to pay 100% of our medical costs till the deductable was met. Help, I'm confused!
Posted 23 September 2004 - 03:25 PM
Would this scenario be kosher?
Plan A is a family plan with an HSA, a $10,000 deductible, $50,000 of annual benefits and a $1million lifetime maximum.
Plan B has the same features without an HSA.
Plan A is primary, plan B is secondary.