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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 15205
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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I was told to ask a tax adviser about a Health Savings Account.

Resolved Question:

I was told to ask a tax adviser about a Health Savings Account. My husband carries Health insurance on our kids. I carry Health insurance on myself through my employer. I currently have a Flex Spending account through my employer (in which I can use toward the kid's medical expenses), however they are lowering the cap on it next year. I am looking into opening a Health Savings Account through our Credit Union. However my question is am I eligable to open the Family plan even though I do not carry the insurance on the kids (to cover their copays for doctor's appointments, and medicines).
Submitted: 1 year ago.
Category: Finance
Expert:  Megan C replied 1 year ago.

Megan C :

Hello, and welcome to JustAnswer.com

Megan C :

In order to be eligible to open a HSA, certain criteria must be met.

Megan C :

First, you have to have a High Deductible Health Plan

Customer:

Ok how do I know if we have high deductables

Megan C :

Is your deductible at least 1,200 for individual or 2,400 for family?

Customer:

not sure will check a minute

Megan C :

Okay I will give you a moment.

Megan C :

The requirements are as follows: To be eligible to open an HSA, an individual must meet the following requirements:



  • Have an HSA-qualified health plan.

    • Minimum required deductibles:

      • $1,200 for individual coverage in 2012—$1250 in 2013

      • $2,400 for family coverage in 2012—$2500 in 2013



    • Maximum out-of-pocket limits:

      • $5,950 for individual coverage in 2012—$6250 in 2013

      • $11,900 for family coverage in 2012—$12,500 in 2013





  • Have no other health coverage except what is permitted as other health coverage (see #1 below).

  • Not be enrolled in Medicare.

  • Not be claimed as a dependent on someone else's tax return.

Megan C :

But, you can't open up an HSA if a spouses' Flexible Spending Account can be used to pay any medical expenses before deductibles are met

Customer:

For my insurance my deductible is 1000.00 in network. Maximum out of pocket is 1500.00

Megan C :

You don't qualify for a HSA

Megan C :

:-( Sorry

Megan C :

I wish I had better news for you

Customer:

The kid's deductible is 450.00 max out of pocket is 1800.00 in network.

Megan C :

Yes, your plan must have a minimum deductible of $1,200 - so you do not qualify for a HSA account

Megan C :

You will be limited to using the Flex Spending account

Customer:

ok thank you for your advice

Megan C :

You're welcome. Is there anything else I can assist you with today? If not, please rate my response as "excellent" so that I may receive credit for assisting you today

Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 15205
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Megan C and other Finance Specialists are ready to help you
Expert:  Megan C replied 1 year ago.
Our chat has ended, but you can still continue to ask me questions here until you are satisfied with your answer. Come back to this page to view our conversation and any other new information.

What happens now?

If you haven’t already done so, please rate your answer above. Or, you can reply to me using the box below.
Expert:  Megan C replied 1 year ago.
Michelle,

I see that you stepped out of our chat. I hope that we were able to assist you with your inquiry today. If you would, please take a moment to rate my response as "excellent" so that I may receive credit for assisting you today.

You can CLICK HERE to read about HSA eligibility requirements.

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