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Help on HSA eligibility - Insurance experts needed.

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Help on HSA eligibility - Insurance experts needed.

Old 07-15-2015, 11:36 AM
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Default Help on HSA eligibility - Insurance experts needed.

Need help in determining if we are able to get a HSA account. I think this qualifies. If there are other variables what are they? We are both retired but not on SS. Both of us are 59 years old. This is a Florida Blue PPO that we get via Nova University where my wife used to work.


Monthly is about $1100

In Network
Family Deductible: $4,000.00
Family Out-of-Pocket Max: $7,000.00

Individual Deductible: $2,000.00
Individual Out-of-Pocket Max: $3,500.00

Out of Network
Family Deductible: $9,750.00
Family Out-of-Pocket Max: $14,000.00

Individual Deductible: $3,500.00
Individual Out-of-Pocket Max: $7,000.00

I find all this confusing.

This is what I found on the HSA site.

http://www.hsacenter.com/2015-hsa-co...on-limits.html

It appears I can put ~$7500 tax free in the account.
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Old 07-15-2015, 11:46 AM
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Best resource for knowing for sure is to go to the IRS web site and search HSA requirements
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Old 07-15-2015, 12:35 PM
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PPO's aren't usually eligible for HSA's, just because your deductible is high will not necessarily qualify it for HSA contribution. Best bet is to call the BC and ask if they answer the phone and if that person actually knows what is going on.
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Old 07-15-2015, 12:43 PM
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Sorry Joe, what's the question you're asking? Are you asking if you can use an HSA to pay your monthly $1,100 premium, or are you asking if you can use it against your deductible?
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Old 07-15-2015, 12:51 PM
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Originally Posted by Ronn Burgandy View Post
Sorry Joe, what's the question you're asking? Are you asking if you can use an HSA to pay your monthly $1,100 premium, or are you asking if you can use it against your deductible?
Eligible for an account means to me that, he wants to start an account to use for future medical expenses in order to take the deduction.
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Old 07-15-2015, 12:57 PM
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why wouldn't you sign up for one of the metal plans, if you have no income you can get your payment down to $200 a month, doesn't matter how much you have invested or your net worth.
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Old 07-15-2015, 01:11 PM
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If the plan is HSA Eligible the insurance carrier would label it as an HSA plan. If the name of the plan doesn't have HSA in the name then it is probably not approved as an HSA plan. You can always open an HSA on your own, but you will have a fight on your hands if you get audited and have to prove that your plan was eligible when the insurance carrier has not done that for you. HMO or PPO doesn't matter at all. Either could be an HSA plan.
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Old 07-15-2015, 01:14 PM
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Originally Posted by bellsisland View Post
why wouldn't you sign up for one of the metal plans, if you have no income you can get your payment down to $200 a month, doesn't matter how much you have invested or your net worth.
They are all "Metal" plans and very few qualify for the subsidy that those of us who work pay for. Yep, pretty rich that someone with a net worth of millions can "Game" the system and make me pay for their health insurance.
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Old 07-15-2015, 01:19 PM
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Theres 2 types of hsa. One you have to use it or loose the money every yr. But if you get high deductible plan with hsa money not used can carry over.
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Old 07-15-2015, 01:27 PM
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The kind that you must use it or you lose it is an FSA. An HSA uses a similiar tax code but it is a different type of account.

Think of an HSA as an IRA for medicare expenses. You get a tax deduction for the contribution but the catch is you pay a 10% penalty for any withdrawals on non-medicare expenses.
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Old 07-15-2015, 01:32 PM
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Originally Posted by croakerpoker View Post
The kind that you must use it or you lose it is an FSA. An HSA uses a similiar tax code but it is a different type of account.

Think of an HSA as an IRA for medicare expenses. You get a tax deduction for the contribution but the catch is you pay a 10% penalty for any withdrawals on non-medicare expenses.
We have a $4K deductible and are paying the max contribution for 2015 which is $6,650 plus $1,000 for being over 55. Looks like by the time we get to 65 we will have a nice after tax nest egg to start paying the Medicare premiums with.

Joe, here is a simple chart for the deducts and HSA contributions.

http://www.hsacenter.com/2015-hsa-co...on-limits.html
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Old 07-15-2015, 01:40 PM
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Shag, that can be a good plan. If you are doing it this way you really want to look into what investment options are available inside the HSA though. Some companies offer many good options when others don't. It can be a great way to take advantage of another tax deferred account.
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Old 07-15-2015, 02:33 PM
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The deductible does not determine whether you have an HSA compatible plan or not. Anyone can have a health savings account, but in order to fund the account, you must have a HSA compatible plan. Your plan benefit summary should label whether or not it is a HSA compatible plan. You can PM me the insurance company name and your plan name and I can try to look it up for you. Generally HSA plans have no fist dollar benefit(other than preventive visits at 100%). Therefore if you have any office visit or RX copays that apply before the deductive, the. Your plan is not HSA compatible. Someone brought up FSA, but they are completely different. HSA is YOUR money, YOUR bank account, forever. FSA is annual tax incentive count that is use it or lose it, with very smaller roll over limits. Typically, you can not have a HSA plan and a FSA at the same time.
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Old 07-15-2015, 02:43 PM
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Originally Posted by croakerpoker View Post
Shag, that can be a good plan. If you are doing it this way you really want to look into what investment options are available inside the HSA though. Some companies offer many good options when others don't. It can be a great way to take advantage of another tax deferred account.
You trying to sell me something?

When I get enough of a balance to "play' a little wih I will definitely do that. We've only been at it for about 3 years and I'm sticking with the .25% for now.
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