Can anyone explain the HSA to me and where I can get one?

[barbarabini]

I use a FSA right now, but the deductible on insurance exceeds the allowable FSA amount. I would like to open an HSA to fund the rest but wondering how this works and where I go to get one.

[SuzanneSLO]

Originally Posted by barbarabini

I use a FSA right now, but the deductible on insurance exceeds the allowable FSA amount. I would like to open an HSA to fund the rest but wondering how this works and where I go to get one.

The resource I found to be most helpful when we starting using an HSA was on the Fat Wallet forum, which also had links to the Dept of Treasury and IRS Publication 969: http://www.fatwallet.com/forums/finance/542257/

Best of luck -- Suzanne

[mom2daisy]

There are a number of IRS guidelines for using an HSA and a FSA. If you have an HSA, you can only have a limited FSA (dental & vision). However, once you meet your health plan's deductible, the FSA effectively converts to a general FSA.

[wdwnomad]

I believe to have an HSA you need to have a qualifying High Deductible Health Plan (HDHP). Not sure of your specific situation but if you have employer sponsored health insurance then the HSA and HDHP should be offered in conjuction with one another. If your employer does have an HDHP but doesn't offer an HSA you should be able to open one on your own. Many banks offer these accounts. My HSA is through Chase. Don't know how it works if you purchase your own insurance though.

Might want to look into having an HSA and FSA. My employer told us that you can not have an FSA if you have an HSA.