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Started By
Message
Can I start a Health Savings Account for a known upcoming expense?
Posted on 6/12/15 at 1:14 pm
Posted on 6/12/15 at 1:14 pm
Long story short, I likely am going to have a dental procedure that will cost a few thousand dollars, and most of it will not be covered by insurance. I do not have a Health Savings Account. Are there any rules around funding one, and then using it immediately, in order to obtain a tax deduction?
2
Posted on 6/12/15 at 1:25 pm to LSUtoOmaha
Do you have a HDHP?
Posted on 6/12/15 at 1:41 pm to GeauxBlonde
quote:
Do you have a HDHP?
This
Cannot start HSA with PPO or other managed plan, only high deducible health plan
Posted on 6/12/15 at 1:44 pm to tigeraddict
Ah. I have a PPO for my Health Insurance Plan and a HMO for Dental.
Posted on 6/12/15 at 1:54 pm to LSUtoOmaha
FSA is what you're looking for if your employer offers it.
Posted on 6/12/15 at 1:56 pm to LSUAfro
quote:
FSA
Was about to post this. FYI - its a "use it or lose it" type of account. So make sure you don't over-contribute.
Posted on 6/12/15 at 2:51 pm to LSUAfro
They do. Thanks 
Posted on 6/12/15 at 3:24 pm to LSUtoOmaha
You can also reimburse yourself retroactively from an HSA for all medical expenses you incur this year as long as you start and fund the HSA in the same year.
Just pay cash then write yourself a check at some point in the future.
Don't get a FSA, get an HSA if you have the choice.
Just pay cash then write yourself a check at some point in the future.
Don't get a FSA, get an HSA if you have the choice.
Posted on 6/13/15 at 12:44 am to kennypowers816
quote:
Was about to post this. FYI - its a "use it or lose it" type of account. So make sure you don't over-contribute.
You can roll over $500
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