My wife and I have a BCBS health plan through her company. Last year they switched to a high deductible plan. Ours is $5k for the family plan. Of course, I sliced my thumb, had surgery, and paid $5k out of pocket. So we want to have an HSA. Our health insurer says that our plan (the only option we have) is not HSA-compatible. However, I think that just means that you can't attach an HSA account to it, but they can't tell me for sure...I haven't reached a bright person on the other end of the line. My wife and I are fine with opening a separate HSA and paying our post-tax money into there, getting the tax credit at the end of the year. However, BCBS seems to be telling us that we can't do that. I'm confused because the IRS doesn't mention anything about HSA-compatible plans, just that they be a high deductible.
Does anyone know if we can open a self-funded HSA away from our plan and still get the tax deduction at the end of the year when we file?
Here are excerpts from the IRS:
Quote:
IRS Publication 969
To be an eligible individual and qualify for an HSA, you must meet the following requirements.
* You must be covered under a high deductible health plan (HDHP), described later, on the first day of the month.
* You have no other health coverage except what is permitted under Other health coverage , later.
* You are not enrolled in Medicare.
* You cannot be claimed as a dependent on someone else's 2009 tax return.
An HDHP has:
* A higher annual deductible than typical health plans, and
* A maximum limit on the sum of the annual deductible and out-of-pocket medical expenses that you must pay for covered expenses. Out-of-pocket expenses include copayments and other amounts, but do not include premiums.
The following table shows the minimum annual deductible and maximum annual deductible and other out-of-pocket expenses for HDHPs for 2010:
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Wasn't terrible at a state park beach. Antelope island maybe. I wouldn't recommend it as a beach destination tho. Figured I was there, I'm getting in it.
The water looked and smelled disgusting with hundreds of thousands of birds sh*tting in there. About as gross as the Salton Sea. When I duck hunted there I didn't even want to touch the water.
It's kinda gross with the algae in the summer but I got in it anyway. Wanted to see the increased bouyancy at work. You can kinda tuck yourself into a ball and you'll just float with your head above water. When dry off you look diamond encrusted with the salt.
We went to the flats too. I dipped a tire on the rental car onto it just to say I’ve been there,but it was still pretty soft from winter melt. After seeing some moron in a BMW suv get dragged out of the muck I had no intention of repeating his stupidity.
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SkunkedAgain
My wife and I have a BCBS health plan through her company. Last year they switched to a high deductible plan. Ours is $5k for the family plan. Of course, I sliced my thumb, had surgery, and paid $5k out of pocket. So we want to have an HSA. Our health insurer says that our plan (the only option we have) is not HSA-compatible. However, I think that just means that you can't attach an HSA account to it, but they can't tell me for sure...I haven't reached a bright person on the other end of the line. My wife and I are fine with opening a separate HSA and paying our post-tax money into there, getting the tax credit at the end of the year. However, BCBS seems to be telling us that we can't do that. I'm confused because the IRS doesn't mention anything about HSA-compatible plans, just that they be a high deductible.
Does anyone know if we can open a self-funded HSA away from our plan and still get the tax deduction at the end of the year when we file?
Here are excerpts from the IRS:
To be an eligible individual and qualify for an HSA, you must meet the following requirements.
* You must be covered under a high deductible health plan (HDHP), described later, on the first day of the month.
* You have no other health coverage except what is permitted under Other health coverage , later.
* You are not enrolled in Medicare.
* You cannot be claimed as a dependent on someone else's 2009 tax return.
An HDHP has:
* A higher annual deductible than typical health plans, and
* A maximum limit on the sum of the annual deductible and out-of-pocket medical expenses that you must pay for covered expenses. Out-of-pocket expenses include copayments and other amounts, but do not include premiums.
The following table shows the minimum annual deductible and maximum annual deductible and other out-of-pocket expenses for HDHPs for 2010:
***********************************Self-only*****Family coverage
Minimum annual deductible******$1,200**********$2,400
Maximum annual deductible******$5,950**********$11,900
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