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Married filing jointly health insurance question
Posted on 6/23/14 at 5:41 pm
Posted on 6/23/14 at 5:41 pm
I am starting a new job in which my best health care option is a high deductible plan with a hsa. My wife will have to go with a traditional health care plan through her work. I have been told that the combination of these two (spouses having a high deductible + traditional + filing jointly) is a big red flag to the irs and will bring about an audit.
1. Is this true?
2. Is it worth the risk, or should I just got with a traditional (no hsa offered)?
1. Is this true?
2. Is it worth the risk, or should I just got with a traditional (no hsa offered)?
2
Posted on 6/23/14 at 10:08 pm to GeauxTigers777
I'm curious... who told you this?
There are two sets of limits for how much you can put into an HSA. One is for a "single" plan and one is for a "family" plan. Since your wife will have a traditional plan, you will be limited to the "single" plan contribution limits for an HSA.
With the exception of an HSA account, 2014 will be the first year that there is any specifically identifiable information about health plans that are provided to the IRS... and my understanding is that the info provided will basically just show if you have "qualifying" insurance or not.
With Obamacare kicking in this year, there is a whole ton of misinformation/scare tactics going around.
There are two sets of limits for how much you can put into an HSA. One is for a "single" plan and one is for a "family" plan. Since your wife will have a traditional plan, you will be limited to the "single" plan contribution limits for an HSA.
With the exception of an HSA account, 2014 will be the first year that there is any specifically identifiable information about health plans that are provided to the IRS... and my understanding is that the info provided will basically just show if you have "qualifying" insurance or not.
With Obamacare kicking in this year, there is a whole ton of misinformation/scare tactics going around.
Posted on 6/23/14 at 10:18 pm to LSUFanHouston
This was from a HR person that seemed very confident while speaking broadly buy seemed much less sure with specific questions, so this would not surprise me if she was completely wrong.
Posted on 6/24/14 at 6:59 am to GeauxTigers777
Hope not because that's my current situation too.
Posted on 6/24/14 at 8:12 am to GeauxTigers777
quote:
This was from a HR person
I wouldn't take too much tax advice from an HR person.
Just curious... what was she suggesting you do? Or was she just telling you that you were screwed?
Posted on 6/24/14 at 8:58 am to GeauxTigers777
quote:
This was from a HR person that seemed very confident
The most dangerous species on earth
Posted on 6/24/14 at 10:41 am to LSUFanHouston
She was telling me we either both needed to be on a traditional or both on a high deductible. It made zero sense to me, but thought I would ask. Looking at it though, I might still go traditional because I can get $1070 reimbursed every year for dental and vision by my company and the premium is only $20 more a month than the high deductible.
Posted on 6/24/14 at 2:40 pm to GeauxTigers777
Hopefully some of the insurance guys can chime in here, but it seems to me that there are two times when a HDHP makes sense over HMO/POS plans (Both of these assume you are maxing out your HSA each year):
1) When the person is really healthy and has little to no healthcare expenses each year. The money can start to really pile up in the HSA, and it gives another place for holding tax-free cash outside of retirement plans.
2) When the person is really unhealthy, and will pretty quickly blow through the high deductible and move into 100 percent co-insurance.
Also, if the employer contributes anything to the HSA, that needs to be considered as well.
1) When the person is really healthy and has little to no healthcare expenses each year. The money can start to really pile up in the HSA, and it gives another place for holding tax-free cash outside of retirement plans.
2) When the person is really unhealthy, and will pretty quickly blow through the high deductible and move into 100 percent co-insurance.
Also, if the employer contributes anything to the HSA, that needs to be considered as well.
Posted on 6/25/14 at 8:41 am to LSUFanHouston
My wife and I are in this exact scenario so I hope that isn't true!
I've loved my HSA with my HD plan through BCBS. I've got $6000 stored away in my HSA in three years.
I've loved my HSA with my HD plan through BCBS. I've got $6000 stored away in my HSA in three years.
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