Can we open a Health Savings Account (HSA)?
My job has a HDHP option; I signed up because I wanted to use it as nice investment vehicle after I maxed out my 401k and Roth IRA. Now i've received letters that lead me to belief that DACA recipients may not be qualified for an HSA. I'm going to look into this issue this weekend and try to resolve it early next week.
Has anyone run into this? Anyone have any information/sources? It does not make sense to me. This is not publicly funded program. Heck, it's called a HIGH DEDUCTIBLE health plan. I'm not asking for a dumb government handout; I want to use money from my paycheck to pay for my health insurance. This will not shortchange any US citizen and I will be pumping money into the economy. Everybody wins. Thanks for any help or guidance. |
Re: Can we open a Health Savings Account (HSA)?
Read through this URL.
http://www.irs.gov/publications/p969...link1000204025 Qualifying for an HSA To be an eligible individual and qualify for an HSA, you must meet the following requirements. You must be covered under a high deductible health plan (HDHP), described later, on the first day of the month. You have no other health coverage except what is permitted under Other health coverage , later. You are not enrolled in Medicare. You cannot be claimed as a dependent on someone else's 2014 tax return. |
Re: Can we open a Health Savings Account (HSA)?
I don't see why not. I work at a pharmacy and have had insurance for 2 years. They sent me a paper to verify my identity/legal status, and one of the options is the work permit. I think that applies to everyone though. After I did it I had no issues at all. For this year, we have a new HSA company so I had to send out my info again, but after I did its all good.
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Re: Can we open a Health Savings Account (HSA)?
Yes we can.
I have one. |
Re: Can we open a Health Savings Account (HSA)?
I've had mine for almost a year now, and they recently switched companies and had no problem with either of them.
You can have/open one, if you're employer offers it. |
Re: Can we open a Health Savings Account (HSA)?
Yes you can!! I work at a bank, wells Fargo offers them.
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Re: Can we open a Health Savings Account (HSA)?
You can. But there are two types. There are FSAs and HSAs. Here you go for some background http://www.dailyfinance.com/2014/11/18/fsa-vs-hsa/
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Re: Can we open a Health Savings Account (HSA)?
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You have a lot of reading to do my friend. |
Re: Can we open a Health Savings Account (HSA)?
Thanks a lot for all of the responses. I have figured it out and will address a couple of things I ran into.
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1. Up to employer 401k match 2. Max out HSA 3. Max out Roth IRA 4. Max out 401k The HSA offers a triple tax-free benefit. You cannot get that anywhere else and is only trumped by the "free" money of an employer match. The only issue is that a HDHP has to be right for you. You can simply google "HSA as an investments", "HSA vs 401k vs IRA" or "taxes on HSA investments" to learn more about the differences and benefits of an HSA. http://www.ebri.org/pdf/FF.292.HSA-Tax.31July14.pdf https://www.jpmorgan.com/tss/Blank/C.../1159325994007 https://www.betterment.com/resources...nd-retirement/ http://moneyover55.about.com/od/heal...ra-Or-401k.htm Let me know if you need/want more information on the subject. Quote:
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