Thanks for commenting, Umesh! We're glad you're enjoying our content here on RUclips. If you have any questions, please don't hesitate to ask. Have a great day!
Great advice!! I have my HSA with Fidelity in the semi conductor fund and S &P 500. I'm just plowing the max in every year. Won't start using funds from it for at least 15 years.
Thanks so much for this video, I wasn’t aware that you should leave some of your HSA in cash! I have all it invested except for my most recent contribution. That would have been embarrassing at my doctors appointment next week when I tried to copay with my debit card 😮
Thanks for reaching out! You can learn more at the link below using our screening tool. Finding health insurance before Medicare: digital.fidelity.com/stgw/digital/planning/retirement/retirement-decision-guide/pre-medicare/ You can also check out our website's "Learn" section for more. How to choose health insurance in 4 steps: www.fidelity.com/learning-center/smart-money/how-to-choose-the-best-health-insurance-for-you Feel free to let us know if you have any other questions. We're here to help!
Contributing to an HSA affects your SS benefits later since you do not pay SS tax on it and your employer also doesn't match your contributions. Correct? Curious how much it changes your benefit?
Currently I have a HDHP (2024), this plan will continue through all of calendar 2025, but due to a company layoff, I may need to switch plans in early 2025 as we will be moved to COBRA (still with the same HDHP), however if COBRA costs are unaffordable I might need to change coverage which may cause me to lose my HDHP at that point (let's say March 2025 for an example). Since I will have my HDHP in place in early 2025, can I fully contribute to the max in Jan 2025 to cover my 2025 contributions in full, even though I may have to move from a HDHP later in 2025?
Hello, and thanks for the reply. We appreciate your business! The IRS determines who is eligible to contribute to an HSA, not Fidelity. We strongly encourage you to consult with a qualified tax professional regarding your specific situation and for any questions related to tax filing or reporting. That said, there are some resources on our website that can with the process. HSA Contributions and Eligibility www.fidelity.com/learning-center/smart-money/hsa-contribution-limits HSA FAQs www.fidelity.com/go/hsa/faqs Please let us know if we can further assist.
Will fidelity HSA accept electronic receipts when filing for reimbursement many years later? In case we don't have a hard copy of the original receipt? Thanks.
Thanks for reaching out! We're happy to clarify. Fidelity does not monitor the reason for any given Health Savings Account (HSA) distribution (and distributions are not coded "qualified" or "non-qualified"); rather, you are responsible for tracking contributions and distributions whether for Qualified Medical Expenses (QMEs) or otherwise. For any QME distributions, it will be important for you to retain medical receipts and track the expenses you pay. You can read more on our HSA spending page, linked below: Spending with your HSA: www.fidelity.com/go/hsa/how-to-spend Please let us know if you have any additional questions!
Thanks for commenting on our RUclips channel! Health Savings Accounts (HSAs) are not subject to required minimum distribution (RMD) rules. You can learn more about HSAs and how to get most of your HSA at the link below. What is an HSA, and how does it work?: www.fidelity.com/learning-center/smart-money/what-is-an-hsa Don't forget to like and subscribe to stay updated on our latest videos. Have a great day!
Hey there! To contribute to an HSA, you must be enrolled in an HSA-eligible health plan. Those eligible for an HSA must also be aware of the contribution limits. For 2024, those are $4,150 for self-only coverage and $8,300 for family coverage. Anyone 55 and older can contribute an additional $1,000 as a catch-up contribution for both 2023 and 2024. While you can only contribute a certain amount to your HSA each year, all contributions roll over from year to year for you to use. You can learn more about HSA contribution limits and eligibility requirements in the article linked below. You can learn more about HSA contribution limits and eligibility requirements in the article linked below. HSA contribution limits and eligibility rules: www.fidelity.com/learning-center/smart-money/hsa-contribution-limits That said, we strongly encourage you to consult with a qualified tax professional regarding your specific situation if you have questions about the eligibility of your plan, or related to tax filing or reporting. Please don't hesitate to let us know if there's anything else we can help with.
@@Fidelity , thanks for the info. Can you also please talk about parking the funds in the default Money Market account FDRXX that Fidelity offers in the next podcast?
Thanks so much for this video, I wasn’t aware that you should leave some of your HSA in cash! I have all it invested except for my most recent contribution. That would have been embarrassing at my doctors appointment next week when I tried to copay with my debit card 😮
Hi there, Bebo! Thanks for reaching out. You can typically only contribute to one type of plan in a year at a time unless your employer offers a limited-purpose flexible spending account (LPFSA). An LPFSA is an employer-sponsored pre-tax account that can used to pay for qualified dental and vision expenses for employees enrolled in a Health Savings Account (HSA) -eligible health plan. To further expand, HSAs can be opened by individuals with eligible high-deductible health plans while, in contrast, FSAs are exclusively available as an employer benefit. Accordingly, you are not able to open an FSA on Fidelity.com. We have a handy article on our website here that explains in more detail here: www.fidelity.com/learning-center/smart-money/hsa-vs-fsa Thanks for reaching out; we hope you have a great day!
We're glad to hear this, Bebo! If you have any future questions, please don't hesitate to ask. As always, don't forget to like and subscribe to stay updated on our new videos. Have a great day!
Thank you guys appreciate it . Great information, keep on Spreading this beautiful knowledge ❤
Thanks for commenting, Umesh! We're glad you're enjoying our content here on RUclips. If you have any questions, please don't hesitate to ask. Have a great day!
Great advice!! I have my HSA with Fidelity in the semi conductor fund and S &P 500. I'm just plowing the max in every year. Won't start using funds from it for at least 15 years.
Thanks so much for this video, I wasn’t aware that you should leave some of your HSA in cash! I have all it invested except for my most recent contribution. That would have been embarrassing at my doctors appointment next week when I tried to copay with my debit card 😮
Really great video
Thanks for reaching out! You can learn more at the link below using our screening tool.
Finding health insurance before Medicare: digital.fidelity.com/stgw/digital/planning/retirement/retirement-decision-guide/pre-medicare/
You can also check out our website's "Learn" section for more.
How to choose health insurance in 4 steps: www.fidelity.com/learning-center/smart-money/how-to-choose-the-best-health-insurance-for-you
Feel free to let us know if you have any other questions. We're here to help!
Contributing to an HSA affects your SS benefits later since you do not pay SS tax on it and your employer also doesn't match your contributions. Correct? Curious how much it changes your benefit?
Currently I have a HDHP (2024), this plan will continue through all of calendar 2025, but due to a company layoff, I may need to switch plans in early 2025 as we will be moved to COBRA (still with the same HDHP), however if COBRA costs are unaffordable I might need to change coverage which may cause me to lose my HDHP at that point (let's say March 2025 for an example). Since I will have my HDHP in place in early 2025, can I fully contribute to the max in Jan 2025 to cover my 2025 contributions in full, even though I may have to move from a HDHP later in 2025?
Hello, and thanks for the reply. We appreciate your business!
The IRS determines who is eligible to contribute to an HSA, not Fidelity. We strongly encourage you to consult with a qualified tax professional regarding your specific situation and for any questions related to tax filing or reporting.
That said, there are some resources on our website that can with the process.
HSA Contributions and Eligibility www.fidelity.com/learning-center/smart-money/hsa-contribution-limits
HSA FAQs www.fidelity.com/go/hsa/faqs
Please let us know if we can further assist.
Will fidelity HSA accept electronic receipts when filing for reimbursement many years later? In case we don't have a hard copy of the original receipt? Thanks.
Thanks for reaching out! We're happy to clarify.
Fidelity does not monitor the reason for any given Health Savings Account (HSA) distribution (and distributions are not coded "qualified" or "non-qualified"); rather, you are responsible for tracking contributions and distributions whether for Qualified Medical Expenses (QMEs) or otherwise.
For any QME distributions, it will be important for you to retain medical receipts and track the expenses you pay. You can read more on our HSA spending page, linked below:
Spending with your HSA: www.fidelity.com/go/hsa/how-to-spend
Please let us know if you have any additional questions!
does a HSA have a RMD?
Thanks for commenting on our RUclips channel!
Health Savings Accounts (HSAs) are not subject to required minimum distribution (RMD) rules. You can learn more about HSAs and how to get most of your HSA at the link below.
What is an HSA, and how does it work?: www.fidelity.com/learning-center/smart-money/what-is-an-hsa
Don't forget to like and subscribe to stay updated on our latest videos. Have a great day!
@@Fidelity thanks!
You're very welcome! :)
Can a self employed person put money in HSA?
Hey there! To contribute to an HSA, you must be enrolled in an HSA-eligible health plan. Those eligible for an HSA must also be aware of the contribution limits. For 2024, those are $4,150 for self-only coverage and $8,300 for family coverage. Anyone 55 and older can contribute an additional $1,000 as a catch-up contribution for both 2023 and 2024. While you can only contribute a certain amount to your HSA each year, all contributions roll over from year to year for you to use. You can learn more about HSA contribution limits and eligibility requirements in the article linked below.
You can learn more about HSA contribution limits and eligibility requirements in the article linked below.
HSA contribution limits and eligibility rules: www.fidelity.com/learning-center/smart-money/hsa-contribution-limits
That said, we strongly encourage you to consult with a qualified tax professional regarding your specific situation if you have questions about the eligibility of your plan, or related to tax filing or reporting.
Please don't hesitate to let us know if there's anything else we can help with.
@@Fidelity , thanks for the info. Can you also please talk about parking the funds in the default Money Market account FDRXX that Fidelity offers in the next podcast?
Thanks for the suggestion! We'll make sure to pass it along to the appropriate teams.
Thanks so much for this video, I wasn’t aware that you should leave some of your HSA in cash! I have all it invested except for my most recent contribution. That would have been embarrassing at my doctors appointment next week when I tried to copay with my debit card 😮
Can I have both an FSA and an HSA?
Hi there, Bebo! Thanks for reaching out.
You can typically only contribute to one type of plan in a year at a time unless your employer offers a limited-purpose flexible spending account (LPFSA). An LPFSA is an employer-sponsored pre-tax account that can used to pay for qualified dental and vision expenses for employees enrolled in a Health Savings Account (HSA) -eligible health plan. To further expand, HSAs can be opened by individuals with eligible high-deductible health plans while, in contrast, FSAs are exclusively available as an employer benefit. Accordingly, you are not able to open an FSA on Fidelity.com.
We have a handy article on our website here that explains in more detail here:
www.fidelity.com/learning-center/smart-money/hsa-vs-fsa
Thanks for reaching out; we hope you have a great day!
@@Fidelity this is great information. Thank you for reaching back to me. 😁
We're glad to hear this, Bebo! If you have any future questions, please don't hesitate to ask. As always, don't forget to like and subscribe to stay updated on our new videos. Have a great day!