Guest SuzyQandFamMI Posted June 29, 2011 Share Posted June 29, 2011 I hope someone can give us some advice. My husband got a new job that offers a FSA. Not knowing about it and having to do it quickly, we had only $360 for the year deducted. Stupid, we know. And there isn't any way to add more. Moving on. We have a HSA from our previous insurance and would like to keep it. Our family deductible is $8k/$4k for one member so we are pretty sure we can keep it/would qualify. My questions: Can I have a HSA and use that money for the rest of our medical bills? Are there any restrictions on what I can spend the FSA dollars on? Thanks in advance for any advice!! Link to comment Share on other sites More sharing options...
MD-Benefits Guy Posted November 4, 2011 Share Posted November 4, 2011 I hope someone can give us some advice. My husband got a new job that offers a FSA. Not knowing about it and having to do it quickly, we had only $360 for the year deducted. Stupid, we know. And there isn't any way to add more. Moving on. We have a HSA from our previous insurance and would like to keep it. Our family deductible is $8k/$4k for one member so we are pretty sure we can keep it/would qualify. My questions: Can I have a HSA and use that money for the rest of our medical bills? Are there any restrictions on what I can spend the FSA dollars on? Thanks in advance for any advice!! You should be able to contribute and spend from your FSA and use money already deposited into an HSA. You however are not permitted to contribute to both an HSA and an FSA (unless it is a limited purpose FSA) at the same time. One thing that you may wish to consider regarding your HSA and what you contributed for the year.....if you were not on the HSA plan for the entire year and became HSA ineligible during the 12 months following the end of the plan year, you may have a taxable event. For individuals who cease participation and were not on the plan for the entire year, their effective HSA maximums are a prorated portion of 3050/6150. See http://www.irs.gov/pub/irs-pdf/i8889.pdf Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now