Hello -
After years of participating in HMO/PPO plans, I am considering my company's offer of a HDHP with HSA for 2009. With the HSA, my company will deposit a generous amount to the account on a monthly basis. I can also contribute to the HSA on a bi-weekly basis via pre-tax dollars. Preventative care is 100% covered.
My wife is due with with our 2nd child in February. My 1st child tends to catch viruses/colds, develop ear infections, etc. in the winter months. Basically, I expect health-related expenses in the early part of 2009.
So my question is: Can I use the HSA dollars before they are in the account? Obviously, there will not be a lot of money there by February, so can I draw from it as long as the expenses occur in the calendar year coverage and don't exceed the "mine+employer" amount that is supposed to total by the end of the year? I really will not be able to afford forking out $$$ out of pocket and waiting to get reimbursed for them.
For the past few years, I've had a Flex Spending Account, which allows you to draw from your account beginning January 1st because you are contributing throughout the year.
Thanks for your help!
Regards,
Mark in NJ
After years of participating in HMO/PPO plans, I am considering my company's offer of a HDHP with HSA for 2009. With the HSA, my company will deposit a generous amount to the account on a monthly basis. I can also contribute to the HSA on a bi-weekly basis via pre-tax dollars. Preventative care is 100% covered.
My wife is due with with our 2nd child in February. My 1st child tends to catch viruses/colds, develop ear infections, etc. in the winter months. Basically, I expect health-related expenses in the early part of 2009.
So my question is: Can I use the HSA dollars before they are in the account? Obviously, there will not be a lot of money there by February, so can I draw from it as long as the expenses occur in the calendar year coverage and don't exceed the "mine+employer" amount that is supposed to total by the end of the year? I really will not be able to afford forking out $$$ out of pocket and waiting to get reimbursed for them.
For the past few years, I've had a Flex Spending Account, which allows you to draw from your account beginning January 1st because you are contributing throughout the year.
Thanks for your help!
Regards,
Mark in NJ