I started a new job with a small organization. I am the first full-time employee. When we were setting the terms, they offered me retirement benefits in SIMPLE IRA or health insurance. I chose SIMPLE IRA because I could get health coverage through the (NY) marketplace. At that time, there was no plan of hiring more employees.
Looks like it has changed now. They plan to hire more but are not interested in offering SIMPLE IRA (because they have to offer it to everyone). So they are setting up QSEHRA (planning to contribute ~$600/month). My health plan is HDHP HSA compatible plan (already have HSA).
I have no idea about this, on how it works. I did some googling and learned that it remains the employer’s money. Its either use it or lose it for me. I could lose the subsidy/tax credits that I am receiving at the moment. If I quit the job, I lose all unused money in that account.
Our healthcare expenses are minimal (annual health checkups and few regular medications, the total is usually less than $1000/year).
Can anyone please give me an overview of how QSEHRA exactly works? Do I get a debit card like HSA that I use for medical expenses or do I have to submit documentation after spending to get a reimbursement? I was told I could pay the health insurance premiums from that account, but I am not exactly sure how that works.
Instead of QSEHRA,
– Can I ask them to directly contribute to my HSA? If yes, it becomes my income (AFAIK, QSEHRA is tax-free) but I am OK with that.
– Will the employer get a tax credit for contributing to my HSA, like QSEHRA?
Appreciate all your comments. Thanks.
submitted by /u/ElementTopics
[link] [comments]
I started a new job with a small organization. I am the first full-time employee. When we were setting the terms, they offered me retirement benefits in SIMPLE IRA or health insurance. I chose SIMPLE IRA because I could get health coverage through the (NY) marketplace. At that time, there was no plan of hiring more employees. Looks like it has changed now. They plan to hire more but are not interested in offering SIMPLE IRA (because they have to offer it to everyone). So they are setting up QSEHRA (planning to contribute ~$600/month). My health plan is HDHP HSA compatible plan (already have HSA). I have no idea about this, on how it works. I did some googling and learned that it remains the employer’s money. Its either use it or lose it for me. I could lose the subsidy/tax credits that I am receiving at the moment. If I quit the job, I lose all unused money in that account. Our healthcare expenses are minimal (annual health checkups and few regular medications, the total is usually less than $1000/year). Can anyone please give me an overview of how QSEHRA exactly works? Do I get a debit card like HSA that I use for medical expenses or do I have to submit documentation after spending to get a reimbursement? I was told I could pay the health insurance premiums from that account, but I am not exactly sure how that works. Instead of QSEHRA, – Can I ask them to directly contribute to my HSA? If yes, it becomes my income (AFAIK, QSEHRA is tax-free) but I am OK with that. – Will the employer get a tax credit for contributing to my HSA, like QSEHRA? Appreciate all your comments. Thanks.
submitted by /u/ElementTopics [link] [comments]Read Morer/HealthInsurance