creating an hsa account

Forum|Forum|2 years ago
March 29, 2024
1 reply
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dear community,

currently i do not have an hsa account set up, but i do have lots of out of pocket medical expenses each year. does it make sense for me to create an hsa account and also what steps would i need to take to get that accomplished. thank you so much for all of your help, time, and attention. i am really loving this community. everyone is super helpful and kind.

BillM223

Level 15

You can contribute to an HSA only if you are covered by a High Deductible Health Plan (HDHP) - ask your benefits person - and have no conflicting coverage, like an FSA for either you or your spouse or Medicare or "normal" employer insurance and so on. Without this, there is no point in creating an HSA.

Having said that, I believe that an HSA is a great benefit, because the money that goes in is not taxed, the earnings are not tax, and the money that comes out for qualified medical expenses is not taxed.

In most cases, if your employer provided HDHP coverage, then your employer would help you create an HSA. Or you can do an Internet search, because there are many large reputable companies and banks which host HSAs.

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dimi1927Author

Level 3

thank you so much for the advice and intel. i just checked. so i have an employer provided health plan. and i just checked in my patient portal from the health insurance website and it states that my plan is hsa compatible. should i call up my health insurance to set up an hsa or is this something that i will need to discuss with my employer? thank you once again.