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-   -   Can we open a Health Savings Account (HSA)? (http://dreamact.info/forum/showthread.php?t=72205)

Ph34r91 08-14-2015 06:59 PM

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.

2Face 08-16-2015 09:11 PM

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.

iazv8 08-16-2015 10:06 PM

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.

Chyno 08-19-2015 09:07 PM

Re: Can we open a Health Savings Account (HSA)?
 
Yes we can.

I have one.

D_IN_LI 08-22-2015 11:47 PM

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.

Iporras 08-24-2015 10:02 AM

Re: Can we open a Health Savings Account (HSA)?
 
Yes you can!! I work at a bank, wells Fargo offers them.

FlyinAgainstTheWind 08-27-2015 12:26 AM

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/

Diplok 08-27-2015 11:31 AM

Re: Can we open a Health Savings Account (HSA)?
 
Quote:

Originally Posted by Ph34r91 (Post 560784)
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.

HDHP is not an investment. What does health insurance have to do with 401K and an IRA?

You have a lot of reading to do my friend.

Ph34r91 08-27-2015 01:29 PM

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.

Quote:

Originally Posted by Diplok (Post 561082)
HDHP is not an investment. What does health insurance have to do with 401K and an IRA?

You have a lot of reading to do my friend.

Completely wrong, misleading and dangerous information. The HSA is one of the best investment vehicles depending on the situation. In my case the priority goes:
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:

Originally Posted by FlyinAgainstTheWind (Post 561074)
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/

Correct, and FSA is an alternative to an HSA. In my case an HSA works better for me. Thanks for the link.

Quote:

Originally Posted by Iporras (Post 560996)
Yes you can!! I work at a bank, wells Fargo offers them.

Yes, I found this out as well. My provider is Discovery Benefits and they had a few loopholes for me to jump through before they opened the account.

Quote:

Originally Posted by D_IN_LI (Post 560973)
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.

I have opened mine now as well. They just needed to ask me a few more questions and it took a little bit longer to process after I got them the information.


Quote:

Originally Posted by 2Face (Post 560817)
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.

It is important to meet all of those requirements. However for DACA recipientsyou may to call an clarify a few things depending on the provider. It has to do with the Patriot Act, legal status and such.


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