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Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: Gin1984 on January 09, 2015, 08:31:38 AM

Title: Switching to HSA eligible plan mid year because of job loss
Post by: Gin1984 on January 09, 2015, 08:31:38 AM

I am losing my job as of next Wednesday.  However my insurance will continue a month after (grad student, they do weird things) so we are switching to my husband's employer's plan, a HSA eligible plan.  But I wanted to see how much I can contribute. The plan has a $5000 out of pocket max which I obviously want to have.  I was told we had to prorate the annual amount we can put in by the amount of time we were under the other plan.  Please help 

Title: Re: Switching to HSA eligible plan mid year because of job loss
Post by: MDM on January 09, 2015, 01:33:27 PM

Per http://www.irs.gov/publications/p969/ar02.html:

Quote

Under the last-month rule, you are considered to be an eligible individual for the entire year if you are an eligible individual on the first day of the last month of your tax year (December 1 for most taxpayers).

Also see http://www.mycafeteriaplan.com/irs-announces-hsa-contribution-limits-for-2015/