Jump to content

Open enrollment mid-year, FSA & HSA question


Guest dealmastermike

Recommended Posts

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?)

Link to comment
Share on other sites

  • 3 weeks later...
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.

Link to comment
Share on other sites

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 account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...