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can I convert FSA to HSA: what about doing it without employer's help?


Guest sanchanim
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Guest sanchanim

An avatar of this question has been asked on this board previously but every case has a slight unique twist to it, so it merits my asking, I think!

My enrollment periods for health insurance and for FSA election are not co-terminus. My sequence of events:

• My current traditional (not an HD plan) health insurance policy will end soon. It ran from March 15 2009 up to March 15 2010. So open enrolment is coming up on March 14 2010. I would like to consider enrolling in an HSA-qualified HD plan, and it will be in effect from March 15 2010 to March 14 2011. However, I made one uniformed decision earlier:

•I enrolled in FSA for 2010, and it runs from Jan 1 2010 to Dec 31 2010. The FSA 2010 enrollment period was in Dec 2009, which is much earlier than the medical insurance open enrolment period. Why did I enrol in FSA? because I was ignorant of the FSA/HSA interaction

I elected $720 for the entire FSA 2010 year, so I am paying $60 per month to fund my FSA. Till date, I have contributed $ 180 dollars , but have used up about $200 dollars.

It is not a limited purpose FSA

•My employer (actually it is the PEO Administaff, who is the 'employer' for our small start-up company) allows me to pre-tax deduct my FSA amount, but DOES NOT offer this pre-tax deduction for HSA amount. Also the employer does not offer HSA a/c trustee service. Forget about matching HSA!!

•A HD health plan is not as attractive to me without an HSA. But I can't have both an HSA and an FSA, can I?

•So can I switch my 3-month old FSA (2010) to an HSA, without the employer facilitating the switch?

Can I convert my FSA to a limited FSA?

If not, can I stop my FSA?

If I can't get out of FSA and just cannot establish an HSA, then can I just use my FSA along with my new HDHP?

Thank you

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