Hi-
I am going through some open enrollment headaches and need some advice.
I work full time, as does my husband. We both have health insurance options through our employers. I will be on my employer's plan with our 2 kids. Cost is only $52/month for pretty good coverage. I am also eligible for an FSA. I currently use it for both medical and daycare costs.
My husband has 3 levels of insurance and is leaning towards using the high deductible one. Basically, he would only pay $33/month and his max OOP is $4,000 for himself. He is young, healthy and rarely uses the doctor except for an annual routine physical. We have $4,000 readily available if he were to run into a health crisis.
Now for my question. I am reading that you can not use an HSA if your spouse contributes to a flex spending account. But does that count for daycare expenses? Could I still put $5,000 into my flexible spending account for daycare expenses and have him put $3300 into an HSA for our family medical costs? Can I draw on his HSA for our kids or myself even if we're not covered by the high deductible plan? We also are planning on retiring in about 5-7 years and like the benefit of having money set aside for either medical costs or retirement in a tax advantaged account.
I just want to make sure we're understanding it correctly.
Any input appreciated!