My employer does not offer an HSA or FSA account and I was curious about setting up one personally for my family. We are planning on having kid #2 next year, and would like to save for the birth, which I anticipate to be around $5K. I had an HSA from a previous job that paid for all the medical expenses from baby #1, and it felt great to take care of all that with that account.
I'm confused, did your employer set up that HSA? Who put the money in?
So, my question is simple: Can I sign up for an independent HSA/FSA and start taking money directly from my pay into it? Has anyone tried this yet? Would you recommend it?
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Yes, I have an HSA. You do need a high deductible insurance plan to be elegible for an HSA.
I opened my HSA at a local bank, I generally put a lump sum into it once a year, but no reason,
you can do a weekly or monthly deposit. I don't know if your employer will do it for you.
I fully fund my HSA but stopped using it for expenses and plan to use it for tax free income later.
I looked at this,
https://www.hsaresources.com/faq/#emp-02 I didn't know about employer sponsored HSA's. I've always did my own.