HSA and career change
Hi, Terry-
I retired from a teaching career at a private school in June. I am still eligible to receive health benefits from the employer until I am 65. All I have to do is pay the employee contribution that I would’ve paid if I had stayed there working. I used to be in an insurance plan that had an HSA, so I have an account in place. My question is, am I able to contribute to the HSA account (through BMO Harris bank) from a new employer without having an insurance plan with the new employer?
I changed from the insurance option that had the HSA to a different PPO plan when I left the school because of the much lower deductible and uncertainty about future income.
Thanks!
Terry Says
That’s an unusual health plan option offered by your previous employer. Are you SURE that you can keep the policy by paying? COBRA health insurance coverage typically lasts only 18-36 months. Perhaps you will be 65 and Medicare-eligible by then.
Here’s a critical rule for HSA contributions: To contribute to an HSA, you must be actively enrolled in a High Deductible Health Plan (HDHP) and it must be your only health insurance coverage. That means no supplemental coverage from a spouse’s health plan, Medicare, Medicaid or TRICARE.
So I’m a little confused about which health insurance you are using. I’ll let you figure that out!
This might help:
https://livelyme.com/blog/signing-up-for-an-hsa-when-employer-doesnt-offer-one
