HSA and FSA - would you do both?

[whoisjohngalt]

It turns out that I can sign up for both.

I can't think of any reason to do it, though.  I guess, yes, I can put away an extra $2500 (FSA limit).

Am I missing anything?

P.S.  My deadline is today, so I think  this is my last FSA - HSA question for now

[Deleted]

FSA is use it or lose it.  I wouldn't put $2500 in there unless I was sure I was going to have $2500 in expenses. 

Having said that.  If I could afford to max my HSA, I'd put a conservative amount for my expected expenses in the FSA and leave the HSA alone. 

[Deleted]

if your company participates, you can now rollover an unused portion of your FSA. 

are you sure you can pay expenses out of either HSA or FSA? or are there certain expenses that can only come from each?

[NomoreDramaQ1015]

FSA is use it or lose it. If you end up not having an extra $2500 in medical expenses next year, there goes your money.

I wish our company offered an HSA instead of an FSA.

[whoisjohngalt]

Nov 17, 2014 10:38:44 GMT -5 @singlemominmd said:

if your company participates, you can now rollover an unused portion of your FSA. 

are you sure you can pay expenses out of either HSA or FSA? or are there certain expenses that can only come from each?

I have no idea.

I can't really ask anyone as this is my husband's company.  I probably should have told him to ask awhile ago, but I didn't realize until last night that I can do both.  I thought FSA went away from bc they changed plans to have HSA.

[Deleted]

Nov 17, 2014 10:40:45 GMT -5 NomoreDramaQ1015 said:

FSA is use it or lose it. If you end up not having an extra $2500 in medical expenses next year, there goes your money.

I wish our company offered an HSA instead of an FSA.

So do I!  I'm scrambling trying to figure out how to spend the remaining $300 in my FSA.  In the past month we all went to the doctor, I had a mammogram, we all got eye exams, we all got flu shots.  Everything was 100% covered.  Yeah, should be a good thing, I know.   I did get a $10 prescription for three months worth of migraine prevention pills.  Better turn in that receipt! 

[Deleted]

Nov 17, 2014 10:44:58 GMT -5 whoisjohngalt said:

Nov 17, 2014 10:38:44 GMT -5 @singlemominmd said:

if your company participates, you can now rollover an unused portion of your FSA. 

are you sure you can pay expenses out of either HSA or FSA? or are there certain expenses that can only come from each?

I have no idea.

I can't really ask anyone as this is my husband's company.  I probably should have told him to ask awhile ago, but I didn't realize until last night that I can do both.  I thought FSA went away from bc they changed plans to have HSA.

as I said, in my company, HSA is for medical expenses only.  FSA can be used for dental and vision only.  starting last year, my company also allowed up to $500 of FSA money to rollover (so everyone saying you can't roll it over is not necessarily correct as the rules have changed).

[justme]

You can't use FSA for medical if you have an HSA plan. It's an either or. Like single said you can only use it for vision or dental. Unless you're talking about the dependent care FSA, but I'm guessing not.

[Deleted]

Nov 17, 2014 10:48:00 GMT -5 @singlemominmd said:

Nov 17, 2014 10:44:58 GMT -5 whoisjohngalt said:

I have no idea.

I can't really ask anyone as this is my husband's company.  I probably should have told him to ask awhile ago, but I didn't realize until last night that I can do both.  I thought FSA went away from bc they changed plans to have HSA.

as I said, in my company, HSA is for medical expenses only.  FSA can be used for dental and vision only.  starting last year, my company also allowed up to $500 of FSA money to rollover (so everyone saying you can't roll it over is not necessarily correct as the rules have changed).

The plan administrators can now either rollover $500 or allow a grace period of a three months, but not both and they don't have to do either.   My company has the grace period.  My ex's plan has neither. 

[HoneyBBQ]

IIRC you can only do one.

Yes, there is now the roll over w FSA.

That said. HSA all the way! FSA sucks.

[NomoreDramaQ1015]

We get a three month grace period. I wish I could roll money over.  I'd be more inclined to at least put in our deductible if I could roll money over.

As it is I only do our FSA if I know I am going to have fixed medical expenses, like having the kids.   

[midjd]

Nov 17, 2014 10:48:00 GMT -5 @singlemominmd said:

Nov 17, 2014 10:44:58 GMT -5 whoisjohngalt said:

I have no idea.

I can't really ask anyone as this is my husband's company.  I probably should have told him to ask awhile ago, but I didn't realize until last night that I can do both.  I thought FSA went away from bc they changed plans to have HSA.

as I said, in my company, HSA is for medical expenses only.  FSA can be used for dental and vision only.  starting last year, my company also allowed up to $500 of FSA money to rollover (so everyone saying you can't roll it over is not necessarily correct as the rules have changed).

Ours is the same. I have maxed my HSA for the past few years, but this year I'm maxing both ($2500 to FSA). It seems like every time I go to the dentist it costs $500+, and I desperately need new glasses, so there's $1K right there. If it's November and I still have the remaining $1500 left, I'll just get Lasik in one eye. 

[Deleted]

Nov 17, 2014 12:12:15 GMT -5 midjd said:

Nov 17, 2014 10:48:00 GMT -5 @singlemominmd said:

as I said, in my company, HSA is for medical expenses only.  FSA can be used for dental and vision only.  starting last year, my company also allowed up to $500 of FSA money to rollover (so everyone saying you can't roll it over is not necessarily correct as the rules have changed).

Ours is the same. I have maxed my HSA for the past few years, but this year I'm maxing both ($2500 to FSA). It seems like every time I go to the dentist it costs $500+, and I desperately need new glasses, so there's $1K right there. If it's November and I still have the remaining $1500 left, I'll just get Lasik in one eye. 

yeah I have to figure out how much to put in my FSA now that DS1 and DD wear contacts. 

[whoisjohngalt]

OK, tell me if I got this

HSA - can be used for everything and saved for eternity
FSA - can only be used for vision and dental if "you" have an HSA and potentially could be rolled over

Is rolling over part applies to 2014? 

[Deleted]

Nov 17, 2014 12:37:11 GMT -5 whoisjohngalt said:

OK, tell me if I got this

HSA - can be used for everything and saved for eternity
FSA - can only be used for vision and dental if "you" have an HSA and potentially could be rolled over

Is rolling over part applies to 2014? 

it's depends on your plan.....your HSA may not be able to be used for vision and dental....

FSA - may be rolled over or may extend 3 months to use it.

you need to reread the materials regarding the plans.

[skubikky]

First, check with your DH's HR department or whomever is the custodian for the HSA and FSA.
Second, it doesn't make any sense to fund an FSA for vision or dental unless you're already making the maximum contribution to your HSA.  (IRS rules for 2015 are $6650 for a family). 
If you are certain of specific vision and dental care that you'll need, and can manage it, and if the employer allows, you can fund an FSA.  As always make certain that you'll use the whole amount or that there is a rollover provision.

[yogiii]

Nov 17, 2014 12:47:51 GMT -5 skubikky said:

First, check with your DH's HR department or whomever is the custodian for the HSA and FSA.
Second, it doesn't make any sense to fund an FSA for vision or dental unless you're already making the maximum contribution to your HSA.  (IRS rules for 2015 are $6650 for a family). 
If you are certain of specific vision and dental care that you'll need, and can manage it, and if the employer allows, you can fund an FSA.  As always make certain that you'll use the whole amount or that there is a rollover provision.

Yes, I agree!

Next year I will max my HSA.  I can fund an FSA for just vision and dental but I am choosing not to this year as I have no "planned" expenses in those areas.  We'll see how the year goes and re-evaluate for next time.  At my workplace you can not roll over any part of the FSA.  At my husbands work place you can roll over $500 of your FSA, however we're not using his insurance.