FSA's.

[lulubean]

Can you have two FSA's?

For example. DH might get a new job in June. We have one now and put 4550 in it. Could we get a new one with the new job?

[Gardening Grandma]

If he gets the new job, I'd ask the new HR person.

[illinicheme]

The cap is $5000/yr per household. I think you could have a second account, but you could only put $450 in it.

[lulubean]

Thanks, that what I thought. Can't seem to google specific info. It seems you can have an FSA and HSA in the same year but as the company he may go work for pays the health insurance then an HSA won't be available.

[Gardening Grandma]

the company he may go work for pays the health insurance then an HSA won't be available.

If the plan is a HDHP, why couldn't he open his own HSA?

[lulubean]

I think they pay for the whole family's health insurance, so it isn't a HDHP so would not be able to do an HSA. I would want to do an HSA because in 2013 the law will only allow for 2500 to be in an FSA and with an HSA you don't lose the money. Would be good to have some funds for medical emergencies in the future.

[whoisjohngalt]

The cap is $5000/yr per household. I think you could have a second account, but you could only put $450 in it.

But he would stop his contributions to the old one, so he won't hit the $4500 for the year, so why couldn't he have a new one with $2K, for example?

Also, I am sure you know, but if he still has $1K left in his old one after he leaves his job, the money is gone, you won't be able to use it after that. So, use it NOW

Lena

[lulubean]

aha good point Lena, I can spend all that and get more, loophole rules.

[whoisjohngalt]

Yep, absolutely!!!

[chiver78]

May 11, 2011 12:17:16 GMT -5 whoisjohngalt said:

The cap is $5000/yr per household. I think you could have a second account, but you could only put $450 in it.

But he would stop his contributions to the old one, so he won't hit the $4500 for the year, so why couldn't he have a new one with $2K, for example?

Also, I am sure you know, but if he still has $1K left in his old one after he leaves his job, the money is gone, you won't be able to use it after that. So, use it NOW

Lena

so what if he's already used more of the year's total than what's been taken out in paychecks to date? would he owe back the difference?

[lulubean]

No just as they keep it if you don't spend it, if you spend it all and leave the employer loses out.

[Deleted]

The company managing our school district's FSA only deducts over 11 months. That is because it doesn't start until Oct. If your contract isn't renewed, your last paycheck is in August. They make sure the district doesn't have to eat the final month.

This is mildly (very mildly) irritating because I think of it as "I want $100 a month deducted." But then they take $1200 and divide it by 11, which changes my math.

[schildi]

May 11, 2011 20:31:10 GMT -5 @southernsusana said:

The company managing our school district's FSA only deducts over 11 months. That is because it doesn't start until Oct. If your contract isn't renewed, your last paycheck is in August. They make sure the district doesn't have to eat the final month.

This is mildly (very mildly) irritating because I think of it as "I want $100 a month deducted." But then they take $1200 and divide it by 11, which changes my math.

Yeah, bummer, that one gets really difficult.

[lulubean]

I finally found the password to log on to our FSA and we are already in the hole by 60 bucks.