[Lisa]

HSA question: my employee-sponsored plan does not have a high deductible HSA option. Can I open my own HSA? If so, how would I make “pre-tax” contributions? And also if possible, who do you recommend for the HSA? Thanks so much!

[Rick]

Are you saying your employer has an HSA eligible hdhp plan but not an HSA? If that is right, you can open an HSA with fidelity for no minimum stuck in cash, no fees, and tons of fund or etf options.

You won’t be able to fund this via payroll deduction so you will miss out of avoiding the payroll tax. But you can find the fidelity HSA from your savings or checking and then claim that on your taxes which will reduce your federal income tax and in most but not all state income tax.

Proposed: Best Fidelity HSA funds for long-term growth?

[Joel]

If your employer doesn’t offer an HSA compatible HDHP, then you cannot contribute to an HSA.

Fortunately, there are lots of other opportunities for saving available.

[Kessin]

Just a note…not all high deductible plans are eligible…there’s weird rules around it. Be sure to check there isn’t a reason they aren’t offering it!

[Dina]

As everyone has said, if your employer doesn’t offer it, then you can’t take advantage of it. Add this to the reasons why health care — AND savings — shouldn’t depend on who your employer is.

[Amy]

You would need to be enrolled in an HSA-eligible High Deductible Health Plan (HDHP) in order to open and contribute to an HSA. Since you commented your employer doesn’t offer a HDHP, an HSA isn’t an option for you.

Maxing a Roth IRA would be the next best thing to an HSA if you’re not already doing that. Also make sure you’re maxing your employer-sponsored retirement plan if they offer one.

Recommended: HSA tax-free reimbursement for medical expenses?

[Sean]

You can’t contribute to an HSA because you’re not eligible.

[Author]

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