Author Topic: HSA Question  (Read 2489 times)

TurtleMarkets

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HSA Question
« on: September 03, 2014, 08:40:20 AM »
Hope someone can help. I have an HSA account from a previous job. I do not have  HSA compatible health insurance now. I still have a couple thousand dollars in the HSA account. There are really high maintnace fees on the account, 1-2 dollars a month.
Is there any good reason to keep this account? I cant use it right now if I have a non HSA approved health care right?


Angie55

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Re: HSA Question
« Reply #1 on: September 03, 2014, 08:52:53 AM »
I believe you can roll it over to other companies with lower fees since its no longer sponsored by your employer. Also, you can use the HSA money whenever you like (on health/dental) even though you may not have a HDHP plan anymore. That's why HSA's are so great!

Also, you can just let the money grow in there tax free. I have my HSA in a SP500 index fund so it is keeping up with the market while I don't use it. I would check into investment options and minimums if you haven't already.

TurtleMarkets

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Re: HSA Question
« Reply #2 on: September 03, 2014, 09:08:40 AM »
"Also, you can use the HSA money whenever you like (on health/dental) even though you may not have a HDHP plan anymore."
Are you 100% sure about this?

Thanks, I am going to roll it into another company. The account I have has no interest and has fees. So I am losing money by having it.  I was under the impression that I could not use it because of my current health insurance.

Angie55

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Re: HSA Question
« Reply #3 on: September 03, 2014, 09:14:21 AM »
Yes, you can only contribute to an HSA if you have a HDHP plan. But using the money is a different story.

Another good scenario for HSA's. For the first year or so of my job my husband and I were on separate health plans. Mine was a HDHP so I opened and contributed to the individual limit each year. DH was not on an HDHP so was not eligible to contribute up to the family amount. But, since we are married I was still allowed to use the funds in my account to cover his expenses. I can see this working out great for pregnancy. Put the woman on non-HDHP but still use HSA funds to pay for everything!

yandz

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Re: HSA Question
« Reply #4 on: September 03, 2014, 10:31:47 AM »
You can definitely use it for qualified expenses now, you just can't contribute while on a non-qualified plan.

Move it somewhere with the lowest fees and/or best investment options.  I have an HSA I can't contribute to right now. There are fees, but it is also invested in Vanguard funds and the growth more than pays for them.

TurtleMarkets

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Re: HSA Question
« Reply #5 on: September 03, 2014, 11:05:00 AM »
Awesome, thanks friends.