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Hsa Insurance Account Question & Answers

2013 September 1
by Sarah Fields

Donald asks…

How can I contribute to my HSA account while unemployed?

I was laid off just before Christmas and I am currently collecting unemployment. How can I still contribute to my HSA, and what are my limits? I was paying into it, pretax, through deductions in my paycheck. Also how do I check on it? I used to check on it though my health insurance carrier but I no longer have one and if I get my own insurance can my current HSA account be used or do I have to roll it over into another one?

Sarah Fields answers:

You need to contact the administrator for your HSA account. If you don’t know how to contact them call your previous insurance carrier and ask them how.

You cannot contribute to the HSA account if you do not currently have an HSA qualified health insurance plan. This is an IRS regulation.

When and if you get another HSA qualified health insurance plan you will also need to contact the administrator to see if your current account can be used with the new plan or rolled over. Most of the time the HSA account can stay the same but not always. If you do not get another HSA insurance plan you will not be able to make anymore contributions but you can still use the funds to pay for your medical costs.

Mandy asks…

How does primary and secondary insurance work?

My husband is starting a new job that provides health insurance. One is an HSA and the other is an HRA. Currently my husband and my son are on medicaid plan A which allows the insured to have other insurance but medicaid would be the secondary. Does anyone know how this works exactly? Will we have to pay medicaid along with his job’s health insurance? How does the deductible work with the primary insurance if he has a secondary?

Sarah Fields answers:

If you still qualify for Medicaid, AND you see a doctor that takes both that kind of insurance, and the Medicaid, then Medicaid picks up your deductibles and copayments.

And a Health Savings Account, and Health Reimbursement Account, are NOT insurance plans.

Maria asks…

What should I do with my health savings account?

I have about $16,000 in HSA.

But next year I’ll become an employee and will have a “regular” insurance.

I’m 53 years old. I’m planning to work for another 7 years then semi-retire.

Should I just save my HSA till I’m 60 years old and use it then when I may have to get my own insurance?

Or should I spend it in the next 7 years for deductibles, which will be very low next year?

Sarah Fields answers:

You save it, until you need to tap it to use for medical bills. EVENTUALLY, you WILL need it! You can also use it for long term care (nursing home) costs.

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