Thanks for the information. Kids are also with my insurance. I am thinking weather to stay without insurance with COBRA as back up or join with Spouse insurance plan for 3 weeks. During this period, which insurance cards we need to use for doctor office visit? Can we use existing insurance cards during this 3 week period? Or do we get some cards from COBRA? I can also sign up for PIP with Car insurance to be safe side.
Thankk
Just go without insurance for that time. You can try to use your old cards, but chances are the provider will run it and see your not covered (depending on how long it takes for the plan administrator to update their records). Youâd have to provide updated insurance information to the provider after electing COBRA and then theyâll rebill it.
Thanks for the information Doveroftke. COBRA premiums are $950 PPO plan for Employee + Childen. It is $700 with HSA plan for same group. We end up paying for a month I guess to see a doctor. If the doctor visit and medication expenses are less, we can pay it up instead of paying for COBRA.
Spouse is checking with her company premiums. Spouse thinks it is better to add to her policy for these 3 weeks. Going to check premiums with spouse employer and decide.
Double-check, but she probably has 30 days to add you, so you can still go without for a little while and then elect that coverage if you need it.
I rolled over funds from one HSA provider into a newly opened Fidelity HSA account in 2019. Having never drawn funds from it, I did not receive a 1099-SA from Fidelity. However, the rollover amount was included on the 1099-SA from the âlosingâ provider. I filled out the tax form indicating the amount rolled over and the amount spent on medical expenses.
My question is, should I receive any kind of a form from Fidelity indicating that Iâve rolled over funds into a HSA?
Thanks.
You will get that form after the 2019 contribution deadline (April 15th 2020).
I changed job and went with plan which is not qualified for HSA. I want to roll over into Fidelity HSA account? is it something we can do over online? Current admin charges small fee every month.
I do not have HSA qualified insurance plan now. Wondering, if i am fine to roll over into fidelity. I am not seeing any roll over option in fidelity website. There is a link to application to open new account.
Thanks
IIRC, part of the account opening process relates to funding.
I do not recall the exact options, but in my case, I printed a Fidelity deposit slip, and ordered a âpaymentâ from my old HSA to my bank account. I then wrote Fidelity a check for the exact amount of the âpaymentâ and included the deposit slip which had a checkbox for ârolloverâ. Confirm the dates, but I believe the check to Fidelity had to be deposited within 60 days of receiving the funds from my old HSA provider. Nice to know if you need a 60 day float for a house closing or something else. BTW, this can only be done once every 12 months (or year, I forget).
Thanks for the information. My new insurance plan is going to start from 01/04 which is not a HDHP. While opening account with Fidelity, it is asking me if i have a HDHP plan. I am just rolling over balance from account contributed with HDHP plan. It is ok to agree for terms and roll over balance to Fidelity account right?
Thanks
I [quote=âritholtz, post:230, topic:1251â]
It is ok to agree for terms and roll over balance to Fidelity account right?
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Are you still covered by your previous employerâs plan? If so, and if it was a HDHP, youâre good to go. If not ⌠well ⌠My inclination is yes, but I would ask Fidelity, which may be tough to do during covid-19 days. Iâm sure theyâve run into this situation before. If they wonât let you, check with your current HSA provider. They may be charging that fee for paper statements. If so, switch to e-statements.
Good luck and congrats on the new job.
I do not have HDHP plan now. But all these contributions are done with HDHP plan. I think, it should be ok. I am not planning to make any new contributions. i am going to roll over existing account to Fidelity. What do you think?
Thanks
Iâm not a CPA, lawyer, tax expert, or many other things. My best advice is
I would want to know the exact wording of the question, but it sounds to me like you answered the question in your first sentence. There is no federal requirement that you currently have an HDHP to move your HSA, but Fidelity, as far as I know, is likely under no obligation to let you open an account if you wonât be contributing additional funds.
I am currently signed for $600 per year for paycheck deductions into HSA (through Health Equity). Because of the late awakening (after seeing this thread), I would like to increase it to the max of $3550. The HR lady confirmed I can do that mid of year. Question is, is not a good time given with Covid-19? I mean itâs a bear market. But any suggestions in general? Should I change now or just wait till next open enrollment?
Your investment now buys more shares at a lower price. If the market recovers your HSA investment will look pretty.
It depends on your risk tolerance.
Generally its a good idea to invest on a schedule. Some buys will be high, some will be low, then always try to sell when he market is in a bull run. Try not sell in a bear market.
Check your HR docs to see if youâve had a âqualifyingâ event. If so, you may be able to change your deduction sooner than June. If not, you can open an HSA external to your companyâs HSA and contribute to it now. Just make sure that you donât over contribute.
I donât believe youâll get the entire tax benefit, but youâll get the vast majority of it when you file your 2020 taxes. Please confirm this before acting on it.
HSA contributions can be changed at any time, no qualifying event needed.
Youâve got it backwards, itâs a great time because itâs a bear market. If youâre worried about investing, you can always make the contributions and leave them in cash (or cash-like funds if your plan offers them).
In case you didnât know, the prior year HSA contribution has been extended from April 15 to July 15.
Ok, so I have two HSAs, lets call them HSA1 and HSA2. HSA1 was opened in 2012 and has $11k in it. I have tracked approximately $22k worth of eligible expenses more than I have withdrawn since opening HSA1.
In 2024 I once again got a HDHP with my current employer and started making contributions to a new HSA (HSA2). This was opened January of 2024.
Per my reading, any expenses incurred after HSA account opening (and funding of at least $1?) are eligible for reimbursement. Is this specific by account? For instance, if I have a $6k expense from 2022 that I never took reimbursement for, can I take it from HSA2 (opened in 2024)? or does the money have to come from HSA1 (opened in 2012)? If the money has to come from HSA1, I can just roll money over to it from HSA2, Iâm just not clear on if thatâs actually necessary.
Did you have a HDHP from 2012 to 2024?