Finance

Have Finance Questions? Ask a Financial Expert Online.

Ask an Expert,
Get an Answer ASAP!

Finance
This answer was rated:

I was told to ask a tax adviser about a Health Savings Account.

My husband carries Health insurance...
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).
Show More
Show Less
Ask Your Own Finance Question
Answered in 5 minutes by:
9/24/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16,581
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Verified

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
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16,581
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Verified
Megan C and 87 other Finance Specialists are ready to help you
Ask your own question now
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.
Ask Your Own Finance Question
Ask Megan C Your Own Question
Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16,581
16,581 Satisfied Customers
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Megan C is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Rakhi Vasavada

Rakhi Vasavada

Financial and Legal Consultant

2,608 satisfied customers

Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

Megan C

Megan C

Certified Public Accountant (CPA)

16,581 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Manal Elkhoshkhany

Manal Elkhoshkhany

Tutor

1,919 satisfied customers

More than 5000 online tutoring sessions.

JKCPA

JKCPA

CPA

844 satisfied customers

Bachelors degree and CPA with Accounting experience.

Eric

Eric

Financial Manager

559 satisfied customers

Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.

R. Klein, EA

R. Klein, EA

Accountant

480 satisfied customers

TurboTax Expert. QuickBooks Certified Pro Advisor

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

332 satisfied customers

NASD Licensed Rep, 1997-2001, Business Attorney

< Previous | Next >

Related Finance Questions
I'm starting a small business, I have been approved finance
I'm starting a small business, I have been approved finance for the van required, however I need to pay $1240 for application fee & first payment before I can receive the van to commence work, also re… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
My daughter is 22 yo and graduated from a community college
My daughter is 22 yo and graduated from a community college last year. She has been working part time since then and this Fall started classes as a full time student at a four year college in her juni… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My wife just lost her job at the end of September and with
My wife just lost her job at the end of September and with that our family health insurance. We are signing up for a new family health insurance plan but it will start from November 1st on. Will we ha… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
We are retired on fixed incomes with all mortgages and
We are retired on fixed incomes with all mortgages and loans. We need an old folks car with all the safety and comforts. Does a lease make sense, over a credit union loan, or over just paying cash?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,466 satisfied customers
I am receiving a health insurance benefit from the ACA. If I
I am receiving a health insurance benefit from the ACA. If I liquidate a real estate asset in October my adj gross income will be over the threshold but only for the 4th quarter. Will the IRS see it t… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
727 satisfied customers
Our son opened a ROTH at his bank/ credit union today. He is
Our son opened a ROTH at his bank/ credit union today. He is now 30 years old, in the military, opened it with $5 but has designated $ 300 monthly beginning 12/01/ 2017. How beneficial is this for his… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
727 satisfied customers
I ow 19000 yet on a 39000 lien and credit union wants the
I ow 19000 yet on a 39000 lien and credit union wants the tax lien paid I don't have the kind of cash only 20000 for down payment … read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I have an S Corp. I deduct ,my health insurance expenses on
Hi. I have an S Corp. I deduct ,my health insurance expenses on Form 1040, line 29. My wife and I started paying Medicare Part B and Med Supp insurance in October. In 2016, we paid our fourth quarter … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,466 satisfied customers
Can I deduct my health insurance costs on my 1040 form? If
Can I deduct my health insurance costs on my 1040 form? If so, is it on line 61, or do I itemize it on Line 1 of Schedule A? What are the limitations? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,466 satisfied customers
I actually have a health insurance question and I couldn't
Hi, I actually have a health insurance question and I couldn't find a category for that. I was hoping that someone on here could help me. I have two insurances. My primary just sent me notification of… read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
682 satisfied customers
I need health insurance that covers mental health as well,
I need health insurance that covers mental health as well, specifically psychologists. Any recommendations for companies that offer reasonable plans for a 29 year old male?… read more
Dr Arthur Rubin
Dr Arthur Rubin
Doctoral Degree
24 satisfied customers
In order to get health insurance with a lower premium
In order to get health insurance with a lower premium because of the tax credit, I would need to claim some of my saving as income for 2017. How would I claim this next year, theven saving is from mon… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I got a question for ma taxes on health insurance and if
i got a question for ma taxes on health insurance and if value point by mutiplan will help me with not getting penalty on my taxes in the state of massachusetts… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,466 satisfied customers
I have a question about banking. A large credit union in my
I have a question about banking. A large credit union in my area is having an election for board members. They are so big they are as big as many banks in the area. These board positions are volunteer… read more
Rakhi Vasavada
Rakhi Vasavada
Financial and Legal Consultant
Bachelor's Degree
2,608 satisfied customers
Wife was forced to resign. We have no health insurance as of
Wife was forced to resign. We have no health insurance as of November 1st 2016. Kids have medical cards, thank goodness. I looked at the Obamacare exchanges and it's a lot better for just me and my wi… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
This is a question about how health insurance works for new
This is a question about how health insurance works for new babies. My wife is pregnant and is signing up for health insurance. They offer family plans. Presumably, she does not sign up for a family p… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,466 satisfied customers
OBTAINING HEALTH INSURANCE - TOP EXPERT, IN INSURANCE
OBTAINING HEALTH INSURANCE - TOP EXPERT, IN INSURANCEOBTAINING HEALTH INSURANCE - TOP EXPERT, IN INSURANCE ONLY! One person (and one dependent) needs insurance right now, but signup seems to not be po… read more
Mark Anderson
Mark Anderson
Attorney
Doctoral Degree
10 satisfied customers
Whats a good health insurance to buy family of 4 in
whats a good health insurance to buy for my family of 4 in California that has low deductibles and where we can choose our own doctors. i assume its the big name, blue cross blue shield, aetna, etc. w… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,466 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x