When a person is laid off and still a person (individual) can contribute for the rest of the year and next year etc.. to my HDHP account in Fidelity. Now I am under my spouse ppo medical plan. Very good info. Thanks
I continue to be a bit confused about two things with HSAs: if I have an HSA with an employer through an HDHP, and then I change plans to a PPO, that HSA balance just hangs out, right? Can I still make any contributions to it? Now let's forget an employer. What about going through a firm directly, like Fidelity, to open up my own HSA? Will they not allow me to open my own HSA without requiring that I have some kind of HDHP? Thanks!
Great question - while there aren’t any specific rules regarding using the HSA to pay for premiums, I would confirm with a tax professional before using them for that.
I need help. For the past 5 years my husband and I have been on a HDHP plan with HSA(employer gives a monthly contribution of $50) we pay $156/month (deductible of 3,000/fam and 9,000/fam for out of pocket). Within these 5 years my husband had a kidney transplant and has medication that he’ll be on for life as well as regular Dr visits and specialist visits. Lately we’ve been thinking about having a child and whether or not we should switch to a PPOThe PPO would cost us $216 per month (2,400 deductible/fam and 12,400 out of pocket/fam) Can you help me decide or what should I be focusing on. I’m so lost and scared of change but the PPO would be about$35 for copay at Dr so it sounds like it might be better but idk.
I'd love to answer this but it really depends on your situation. If you expect to visit the doctor a lot in a year, the PPO could be a better plan to use.
If you wait to use your HSA money down the road and keep an itemised list of medical expenses through the years, does the HSA benefit cover only past expenses that you incurred while you had the HSA? Or can you also include medical expenses from the past, when withdrawing HSA money, that were incurred before the inception of your HSA account? Thank you.
Hello! I have a question? I left my job that I sugned up for the HSA account. I haven't reach the $2000 mark to be able to invest it on the market. Also, the fees is eating my money every month. I am charged at $3.95/month and the broker called Health Equity, and if anyone know this company, please feel free to share some ideas. My new company offers FSA instead. Will my HSA be able roll it over to FSA? Or am I still able to contribute on my HSA this year and to the following years to come? If yes, how can I contribute?
If you are enrolled in a High Deductible Health Plan (HDHP)with your new employer, you can continue to contribute to your Healthequity HSA. The money in your account is yours and you should be able to either keep it there and use if for qualified expenses or add to it. You do not want to roll it into an FSA. FSA's require you to spend the entire amount of money in the account by years end on qualified expenses, every year. They are not very consumer, investor or user friendly. I've had FSA's pretty much take the money that was left and pocket it themselves. Ask your new employer if they will instead send the FSA contributions to your Healthequity account.
I have some questions... My husband is self employed. We have a family HSA. Instead can we get everyone in our family (including our 3 children at home) their own account and put in max yearly alottment for each one, and can my husband deduct it from his taxable income at the end of the year? That way we can contribute more than 7,300 a year across all individual accounts and set our kids their own accounts? My 3 kids at home are 7, 12, and 19. I also have a son who is 25, but he is in the military and fully covered medically, but can we set even set him up an account too? So he can use the money in retirement and maybe invest it? (Or is this cheating? LOL) Sorry so many questions. I do not understand any of this stuff really.
Thanks for asking. It depends on the plan sponsor but typically only the primary plan individuals can set up the account and kids cannot have their own accounts. You should check with the plan sponsor either way!
So to clarify, the money you spend from HSA on qualifying services/products will be reimbursed to you in your next pay check? Does that money get taxed? So ex. if i pay 1000 dollars for a medical device from HSA, I will get reimbursed 1000 dollars and then I can put that into my HSA again and be tax free OR I can accept that money as my income and get taxed from that 1000 dollars? Is my understanding completely off? lol
Its worse here, our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.
Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire.
My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
![Quando Rondo - Life Goes On [Official Music Video]](http://i.ytimg.com/vi/eIf3fhMXAow/mqdefault.jpg)
When a person is laid off and still a person (individual) can contribute for the rest of the year and next year etc.. to my HDHP account in Fidelity. Now I am under my spouse ppo medical plan. Very good info. Thanks
So so helpful thank you!! I've had Medicaid for years and I just got my first salary job outside of college. All of this is so foreign to me!
Thank you!
I continue to be a bit confused about two things with HSAs: if I have an HSA with an employer through an HDHP, and then I change plans to a PPO, that HSA balance just hangs out, right? Can I still make any contributions to it?
Now let's forget an employer. What about going through a firm directly, like Fidelity, to open up my own HSA? Will they not allow me to open my own HSA without requiring that I have some kind of HDHP?
Thanks!
Great video. Great explanation. Thanks!
Thank you!
EXCELLENT Video. You answered questions that many others couldn't.
Can I use my HSA to pay my monthly premiums?
Great question - while there aren’t any specific rules regarding using the HSA to pay for premiums, I would confirm with a tax professional before using them for that.
Any chance that we might get the opportunity to get a HSA through Wealthfront in the near future?
Not in the near future…sorry about that!
Thank you for this. Can I use HSA during fertility treatments?
Optical is covered by my Health Insurance
Thanks for the video ! Question, are funds in hsa automatically invested by the company who manages it ?
Thanks! That depends on the HSA plan but most are not. Many start as a savings account and not all offer the investment option.
I need help. For the past 5 years my husband and I have been on a HDHP plan with HSA(employer gives a monthly contribution of $50) we pay $156/month (deductible of 3,000/fam and 9,000/fam for out of pocket). Within these 5 years my husband had a kidney transplant and has medication that he’ll be on for life as well as regular Dr visits and specialist visits. Lately we’ve been thinking about having a child and whether or not we should switch to a PPOThe PPO would cost us $216 per month (2,400 deductible/fam and 12,400 out of pocket/fam)
Can you help me decide or what should I be focusing on. I’m so lost and scared of change but the PPO would be about$35 for copay at Dr so it sounds like it might be better but idk.
I'd love to answer this but it really depends on your situation. If you expect to visit the doctor a lot in a year, the PPO could be a better plan to use.
If you wait to use your HSA money down the road and keep an itemised list of medical expenses through the years, does the HSA benefit cover only past expenses that you incurred while you had the HSA? Or can you also include medical expenses from the past, when withdrawing HSA money, that were incurred before the inception of your HSA account? Thank you.
That depends on the type of expenses so it’s best to reference the IRS guidelines.
How much should you contribute to your HSA? I"m 53
Hello! I have a question? I left my job that I sugned up for the HSA account. I haven't reach the $2000 mark to be able to invest it on the market. Also, the fees is eating my money every month. I am charged at $3.95/month and the broker called Health Equity, and if anyone know this company, please feel free to share some ideas. My new company offers FSA instead. Will my HSA be able roll it over to FSA? Or am I still able to contribute on my HSA this year and to the following years to come? If yes, how can I contribute?
If you are enrolled in a High Deductible Health Plan (HDHP)with your new employer, you can continue to contribute to your Healthequity HSA. The money in your account is yours and you should be able to either keep it there and use if for qualified expenses or add to it. You do not want to roll it into an FSA. FSA's require you to spend the entire amount of money in the account by years end on qualified expenses, every year. They are not very consumer, investor or user friendly. I've had FSA's pretty much take the money that was left and pocket it themselves. Ask your new employer if they will instead send the FSA contributions to your Healthequity account.
I have some questions...
My husband is self employed. We have a family HSA. Instead can we get everyone in our family (including our 3 children at home) their own account and put in max yearly alottment for each one, and can my husband deduct it from his taxable income at the end of the year? That way we can contribute more than 7,300 a year across all individual accounts and set our kids their own accounts? My 3 kids at home are 7, 12, and 19. I also have a son who is 25, but he is in the military and fully covered medically, but can we set even set him up an account too? So he can use the money in retirement and maybe invest it? (Or is this cheating? LOL)
Sorry so many questions. I do not understand any of this stuff really.
Thanks for asking. It depends on the plan sponsor but typically only the primary plan individuals can set up the account and kids cannot have their own accounts. You should check with the plan sponsor either way!
@@wealthfrontvideos Thanks for the reply lol. That' a bummer. 😂
So to clarify, the money you spend from HSA on qualifying services/products will be reimbursed to you in your next pay check? Does that money get taxed?
So ex. if i pay 1000 dollars for a medical device from HSA, I will get reimbursed 1000 dollars and then I can put that into my HSA again and be tax free OR I can accept that money as my income and get taxed from that 1000 dollars? Is my understanding completely off? lol
Its worse here, our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.
Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire.
My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
When will we have free healthcare 😢😢