Open enrollment mid-year, FSA & HSA question

[Guest dealmastermike]

Hi everyone, i am new to the boards and just found this site today. I have been researching the issues below without luck. If anyone could help, that would be much appreciated.

Open Enrollment Starts June 1 2012

My Plan: HMO w/FSA @ $3k/Year

Switch to: HSA @ max $4k Deductible, will take max HSA Contribution @ $6250 (Family)

1. Can I contribute to my FSA until 5/30/2012, then start HSA June 1, 2012?

2. If #1 can be done, can I transfer my FSA funds to the HSA account?

3. If #1 & 2 are not possible, do I need to start my contributions starting 6/1/2012, ($6250 over 7 months?)

[Guest sniffles]

Hi everyone, i am new to the boards and just found this site today. I have been researching the issues below without luck. If anyone could help, that would be much appreciated.

Open Enrollment Starts June 1 2012

My Plan: HMO w/FSA @ $3k/Year

Switch to: HSA @ max $4k Deductible, will take max HSA Contribution @ $6250 (Family)

1. Can I contribute to my FSA until 5/30/2012, then start HSA June 1, 2012?

2. If #1 can be done, can I transfer my FSA funds to the HSA account?

3. If #1 & 2 are not possible, do I need to start my contributions starting 6/1/2012, ($6250 over 7 months?)

Is your Open Enrollment for the FSA also? Does it run from 6/01 to 5/31 each year or is it on a calendar year?

If your FSA is on a calendar year basis, unless it is a LIMITED FSA then you could not open a HSA account until 1/01/2013 as far as I know. You should check with your HR Department or Health Insurance Broker regarding your options.