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Anyone familiar with Hsa's and Hra's?
I'm looking for ways to reduce my taxable income this year and thinking of opening an Hsa with fidelity. What i don't know, is if a qualify since I have health insurance through my employer with and Hra fund that my employer contributes to. The hra is unique in that it maxes out at like 6K per year and it's funded by my employer, i domt contribute. If I ever leave or change my health insurance plan it goes away, it doesn't stay with me.
Any help is appreciated.
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You must be enrolled in a High-Deductible Insurance Plan to qualify for an HSA.
You will need to verify with HR if your health plan qualifies. Usually, an HSA is done thru your employer. You want the contributions taken out of your earnings as “pre-tax”.
High deductible plans are at least $1400 for an individual and $2800 for a family.
If you qualify, maxing out HSA contributions is a very good financial decision.
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Did my HSA outside of the company, intentionally.
Used post-tax dollars, but it's credited at filing time.
As noted, you'll have to check to see if you qualify.
And to determine if a conflict exists with the HRA.
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I have been doing the HSA since it was first offered by my employer. They put in $2K every January. I contribute enough throughout the year to max it out every year. Unfortunately our high deductible health plan has a $6k family deductible. After the deductible everything is 100% covered. We have met the deductible twice over the past three years but have not reimbursed ourselves from the HSA. We don’t plan on ever touching our HSA and we can withdraw the $$ we spent at anytime.
We will keep maxing it out for the next 15 years and it’s all invested in mutual funds. This will hopefully cover our medical insurance so we can retire early.
I have never heard of an HRA before and I know my company doesn’t offer that option. I’ll look it up for educational purposes.
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