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HSA’s
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OhMax
Reg. Feb 2013
Posted 2018-12-01 8:38 AM (#7415064)
Subject: HSA’s


Married to a Louie Lover


Posts: 2945
200050010010010010025
Who has one they’ve set up independently of a health insurance plan? What provider did you use?

With my husband now self employed we are working on moving some things around and feel it would be beneficial to set aside some money for future health issues. We have insurance through my job and I have an HSA as well, but it never hurts to have a nest egg - especially with kids in the future.

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OutlawsLastDance
Reg. Feb 2007
Posted 2018-12-01 8:47 AM (#7415065 - in reply to #7415064)
Subject: RE: HSA’s


Extreme Veteran


Posts: 574
5002525
I have not opened my own, but since you already have an HSA, this might be helpful to know. The annual IRS limit for contributing to an HSA account is TOTAL per household. Regardless, if you are on separate health plans.

For example, in 2018 I think the HSA contribution limit was $3250. My work contributes $750 to the plan. My husband and I each have HSA's through our employers, BUT because we file our taxes as married filing jointly, we can only put in $2500 of our own money. TOTAL. Be careful you don't over contribute and get smacked with penalties. Rather than open another account, perhaps you could contribute the full amount to your HSA, and then since you sound like you are employed it would be contributed pretax.

For 2019 I think the limit was raised to $3500.

Edited by OutlawsLastDance 2018-12-01 8:48 AM
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OhMax
Reg. Feb 2013
Posted 2018-12-01 10:23 AM (#7415072 - in reply to #7415065)
Subject: RE: HSA’s


Married to a Louie Lover


Posts: 2945
200050010010010010025
OutlawsLastDance - 2018-12-01 8:47 AM

I have not opened my own, but since you already have an HSA, this might be helpful to know. The annual IRS limit for contributing to an HSA account is TOTAL per household. Regardless, if you are on separate health plans.

For example, in 2018 I think the HSA contribution limit was $3250. My work contributes $750 to the plan. My husband and I each have HSA's through our employers, BUT because we file our taxes as married filing jointly, we can only put in $2500 of our own money. TOTAL. Be careful you don't over contribute and get smacked with penalties. Rather than open another account, perhaps you could contribute the full amount to your HSA, and then since you sound like you are employed it would be contributed pretax.

For 2019 I think the limit was raised to $3500.

Thanks! So many rules!

I sit down on Tuesday with our CPA for a pre tax meeting and discussion about whether or not we need to incorporate with what we project he will gross next year (both exciting and scary!)

I will for sure add that to the growing list of topics!
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SC Wrangler
Reg. Jul 2004
Posted 2018-12-01 10:43 AM (#7415073 - in reply to #7415064)
Subject: RE: HSA’s


Nut Case Expert


Posts: 9104
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Location: Tulsa, Ok
If you will google HSA there are a number of sites out there that can and will give your a full rundown and answer any questions. 

I personally have my account with HSA Bank.  They were pretty much the premier bank servicing accounts when I set up the plan for my employer and employees many years back.

 

Edited by SC Wrangler 2018-12-01 10:45 AM
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OhMax
Reg. Feb 2013
Posted 2018-12-01 11:21 AM (#7415076 - in reply to #7415073)
Subject: RE: HSA’s


Married to a Louie Lover


Posts: 2945
200050010010010010025
SC Wrangler - 2018-12-01 10:43 AM

If you will google HSA there are a number of sites out there that can and will give your a full rundown and answer any questions. 

I personally have my account with HSA Bank.  They were pretty much the premier bank servicing accounts when I set up the plan for my employer and employees many years back.

 

Yeah, I’ve been googling and getting overwhelmed :(

A lot has been going on in life the past few months between my full time job and basically having another full time job handling the setting up of books for our business - research time is short. We had planned to start the business in the spring, but a few things happened and he made the choice to jump in this fall.

Plus anymore, I’m never sure who’s paying who to write up an internet article. I put a lot of faith in other normal folks actual experiences.
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bluerose2001
Reg. Mar 2009
Posted 2018-12-05 11:01 PM (#7415560 - in reply to #7415064)
Subject: RE: HSA’s



Certified Snake Wrangler


Posts: 1642
100050010025
Location: North MS
I use Health Equity- very simple to set up and use. I set it up this past fall and have been using it to pay off a gallbladder surgery and using it for those other small co-pay expenses that crop up. I send a lump sum from our business account as I can and when I pay a bill, I use my personal credit card to gain cashback rewards. Then I get health equity to reimburse me the expense. I usually pay online and save a copy of the receipt to upload to provide the necessary evidence. This was way easier than setting up our Roth IRA's through Betterment.
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IdahoBarrelRacer756
Reg. May 2015
Posted 2018-12-06 11:55 AM (#7415598 - in reply to #7415064)
Subject: RE: HSA’s


Regular


Posts: 90
252525
The max per household is $6900, so you have quite a bit that you can squirrel away - hopefully at least enough to meet a deductible.

I use HSA bank and it's super easy. My employer contributes half the maximum through a direct deposit each month. I can use it for purely medical stuff, dental, vision, or even weird stuff like chiropractic, walgreens purchases, etc. They're pretty handy.
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OhMax
Reg. Feb 2013
Posted 2018-12-06 9:00 PM (#7415670 - in reply to #7415598)
Subject: RE: HSA’s


Married to a Louie Lover


Posts: 2945
200050010010010010025
IdahoBarrelRacer756 - 2018-12-06 11:55 AM

The max per household is $6900, so you have quite a bit that you can squirrel away - hopefully at least enough to meet a deductible.

I use HSA bank and it's super easy. My employer contributes half the maximum through a direct deposit each month. I can use it for purely medical stuff, dental, vision, or even weird stuff like chiropractic, walgreens purchases, etc. They're pretty handy.

Yep! I was just going to come back here and say the household amount is $6900. So not in any danger of maxing that out.

With my husband now self employed we’re trying to find creative ways to minimize taxable income but still have reasonably accessible money. An HSA seems like a good way to do it, we always seem to have a few bigger medical bills each year and with kids in the future I doubt that will change. Even if we just set aside a little here and there, it adds up and one day we will have a disaster and be glad we squirreled it away while we were able.
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stef73433
Reg. Jun 2005
Posted 2018-12-09 8:50 AM (#7415848 - in reply to #7415064)
Subject: RE: HSA’s


Doggy Diaper Designer


Posts: 2317
2000100100100
Location: WI
There's a $1000 catch up if you're over either 50 or 55. I think 50
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