Quick HSA Questions

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Hello FW's

I have dental working coming up.  4 Wisdom Teeth. 2 Cavities (no dental insurance).  I'd like to contribute to a HSA for the 2017 Year as my surgery will be later this year.

Would I be able to use money deposited this year for surgery in the same year?, If not I can make a contribution for the 2016 tax year.  side not.  I've maxed my roth 2016 and 2017 this doesnt interfere right?

HSA Providers?

Thanks.

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You can use it in the same year.

Are you eligible for an HSA?

Seems odd you'd be asking for providers of unless of course you just got a new policy and are yet to set up the HSA part.

jerosen, Yes eligibility requires a high deductible insurance plan. I am 31... my deductible is ~5k. Insurance is through BlueCrossBlueShield in SC.

Phenomix said:   jerosen, Yes eligibility requires a high deductible insurance plan. I am 31... my deductible is ~5k. Insurance is through BlueCrossBlueShield in SC.
  
High deductible doesn't automatically qualify you, check with the insurer to see if your plan is an HSA-compatible HDHP.

You should look into dental insurance or a dental discount plan.

Thanks, I read the thread about dentalplans.com   I am considering this option.  Luckily, I have two dentals schools close. I may use that option for the cavities.

The oral surgery will be a different story.

If the HSA is set up, any qualified expense incurred after that point can be used to withdraw from the HSA tax free at any point in the future. Meaning, if you set up your HSA and deposit $20 on December 1, 2016, incur qualified expenses of $1,000 on December 15, 2016, you can withdraw $1,000 from your HSA at any time in the future. This is, of course, assuming you didn't take any other benefit for that medical expense.

This is a simple example. If you know you have a specific expense and an appointment date is set, etc. I'm not sure what date the expense is considered incurred on. It's possible (not based on the rules, just based on me thinking through the potential pitfalls you may want to look into) that the expense is "incurred" before the surgery actually happens.

marginoferror said:   It's possible (not based on the rules, just based on me thinking through the potential pitfalls you may want to look into) that the expense is "incurred" before the surgery actually happens.
 

  
It's date of service.

marginoferror said:   If the HSA is set up, any qualified expense incurred after that point can be used to withdraw from the HSA tax free at any point in the future. Meaning, if you set up your HSA and deposit $20 on December 1, 2016, incur qualified expenses of $1,000 on December 15, 2016, you can withdraw $1,000 from your HSA at any time in the future. This is, of course, assuming you didn't take any other benefit for that medical expense.

This is a simple example. If you know you have a specific expense and an appointment date is set, etc. I'm not sure what date the expense is considered incurred on. It's possible (not based on the rules, just based on me thinking through the potential pitfalls you may want to look into) that the expense is "incurred" before the surgery actually happens.

  There doesn't actually need to be any money in the HSA when it's opened.

stanolshefski said:   
marginoferror said:   If the HSA is set up, any qualified expense incurred after that point can be used to withdraw from the HSA tax free at any point in the future. Meaning, if you set up your HSA and deposit $20 on December 1, 2016, incur qualified expenses of $1,000 on December 15, 2016, you can withdraw $1,000 from your HSA at any time in the future. This is, of course, assuming you didn't take any other benefit for that medical expense.

This is a simple example. If you know you have a specific expense and an appointment date is set, etc. I'm not sure what date the expense is considered incurred on. It's possible (not based on the rules, just based on me thinking through the potential pitfalls you may want to look into) that the expense is "incurred" before the surgery actually happens.

  There doesn't actually need to be any money in the HSA when it's opened.

  True but servicers for individuals probably have some minimum opening requirement.



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