Wife has FSA with employer, and my new employer offers an HSA plan. What to do?

Can I have an HSA if spouse has FSA?

Can I have an HSA account if my spouse has a Health Care FSA through his/her employer? You cannot have an HSA account if your spouse has a general purpose health care FSA through his/her employer under which money can be reimbursed for your eligible health care expenses.

What happens if you have an HSA and FSA?

You generally can’t contribute to both a health savings account and a flexible spending account in the same year, unless you have a limited-purpose FSA that only covers certain expenses, such as dental and vision costs.

Can I use FSA and HSA at the same time?

Can You Use HSA and FSA Together? Yes, people can use an HSA and an FSA together, though there are some exceptions. FSAstore.com points out that because a flexible savings account is considered “other health coverage” per IRS Publication 969, a “run-of-the-mill” FSA likely won’t be compatible with an HSA.

Can family have both FSA and HSA?

You cannot have both. In making a decision, see this article regarding Choosing between an HSA and FSA. As for opening an HSA, as long as your husband has a qualifying High Deductible Health Plan, he can open an HSA at whatever financial institution he wants.

Can I have an HSA if my spouse has an HSA?

My spouse and I have family coverage, can we both open an HSA? Yes. You may both open an HSA however, the total amount that may be contributed to your HSAs is still the contribution limit.

Can a family have 2 HSA accounts?

Could you have more than one HSA? Again, the answer is “yes.” And the family we just considered could have more than two HSAs, if one or both spouses opted to have multiple HSAs. As long as you have an HSA-eligible health plan, there’s no limit on how many HSAs you can have.

Can I have secondary insurance with HSA?

You may be enrolled in other secondary health insurance, however if the secondary health insurance is Medicare or a non HSA-qualified medical plan then you are not allowed to receive or contribute money into an HSA per the IRS. 8.

How much can a married couple contribute to an HSA in 2020?

Both employee and spouse are eligible for HSA contributions. Each may contribute up to $3, to their respective HSAs ($3,).

Can you have an HSA and FSA 2020?

Back to the original question – “can you have an FSA and HSA at the same time?” Generally speaking, you cannot have a health FSA and HSA at the same time. However, there are a couple of exceptions: limited purpose FSAs and dependent care FSAs.

How much can a married couple contribute to an HSA in 2021?

For 2021, the self-only HSA contribution limit is $3,600 and the family contribution limit is $7,200.