I’m 25 years old and I’m still enrolled on my parent’s medical, dental and vision plan. However, during open enrollment last year, I elected to enroll in a general FSA with my employer to start 1/1/2022. I elected the max $2,750. I get paid semi-monthly so $114.58 goes towards my FSA every pay period.
I turn 26 on September 27. My coverage under my parent’s plan ends on September 30. I will enroll to a HDHP and want to contribute to the HSA. My coverage with my employer will start on 10/1. I have a couple questions.
Can I contribute to an HSA starting 10/1 if I exhaust all $2,750 in my FSA account before 9/30? Or can I not do that because all though I have exhausted all $2,750 in my FSA account before 10/1, I would have only contributed a total $2,062.50 through my pay at that point and I would still have contributions coming out of my pay check through the end of the year!?
Is my employer allowed to change my FSA to a Limited Purpose FSA mid-year to allow me to contribute to an HSA starting 10/1? Since we know up through 9/30, I will have contributed $2,062.50 to my FSA. What if I only request reimbursement of $2,062.50 in eligible expenses before 9/30 through my FSA. Then 10/1, my remaining contributions will go towards a Limited Use FSA and I can reimburse myself for vision and dental type expenses after 10/1 through end of year.
Honestly, anyway I can contribute to an HSA 10/1, just tell me what I need to do lol
submitted by /u/je03955
[link] [comments]I’m 25 years old and I’m still enrolled on my parent’s medical, dental and vision plan. However, during open enrollment last year, I elected to enroll in a general FSA with my employer to start 1/1/2022. I elected the max $2,750. I get paid semi-monthly so $114.58 goes towards my FSA every pay period. I turn 26 on September 27. My coverage under my parent’s plan ends on September 30. I will enroll to a HDHP and want to contribute to the HSA. My coverage with my employer will start on 10/1. I have a couple questions. Can I contribute to an HSA starting 10/1 if I exhaust all $2,750 in my FSA account before 9/30? Or can I not do that because all though I have exhausted all $2,750 in my FSA account before 10/1, I would have only contributed a total $2,062.50 through my pay at that point and I would still have contributions coming out of my pay check through the end of the year!? Is my employer allowed to change my FSA to a Limited Purpose FSA mid-year to allow me to contribute to an HSA starting 10/1? Since we know up through 9/30, I will have contributed $2,062.50 to my FSA. What if I only request reimbursement of $2,062.50 in eligible expenses before 9/30 through my FSA. Then 10/1, my remaining contributions will go towards a Limited Use FSA and I can reimburse myself for vision and dental type expenses after 10/1 through end of year. Honestly, anyway I can contribute to an HSA 10/1, just tell me what I need to do lol submitted by /u/je03955 [link] [comments]Read Morer/HealthInsurance