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new employer to set up HSA


Guest durktracy
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Guest durktracy

I have gone from a large firm with a high deductible plan with an HSA feature to very small firm that does not provide insurance benefits. My new employer is willing to pay half of my premiums for an individual insurance policy. At this time I am utilizing my COBRA benefits. I would like to continue my HSA. Could I have my employer contribute the portion of my insurance they are willing to pay directly to my HSA account and then I pay my premiums for COBRA (and then my own high deductible plan) from there?

After explaining the HSA to my employer, they are potentially interested in setting it up for themselves. What kind of information could I provide to them and where are the best resources for researching this option.

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Your employer can make contributions for you and yes, you can use HSA monies for cobra premiums. However, if the employer makes contributions to a non-employer plan (yours) the employer must make the same for others in your situation.

As for researching the product, there are many sources and tools that you can use. The first is to get a good broker. By that, make sure they know and understand the HSA product. Just because someone sells health insurance does not mean the know HSA's. Other sources include business associations you may be a memeber of, google HSA and you will get plenty of hits.

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Guest jgarber

Your employer could just provide you with additional compensation which would allow you to make this contribution to your HSA. This contribution would provide an "above-the-line" tax deduction on your Federal return (and maybe state). If the additional compensation is grossed up, the result is pretty much the same for you personally as if the employer made the contribution directly to your HSA, plus the employer does not have to worry about making contributions for anyone else.

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