SoReady
Recycles dryer sheets
Hi,
We have never had an HSA, but are considering it this time around. I'm trying to determine the pro's and con's for us.
The two ACA Bronze options are $200/mo difference. The one that is NOT HSA eligible is $200/mo less than the HSA eligible one. We plan on trying to hit the $60k mark for income to get the subsidy. So tax deduction wise an HSA as a deduction does not come in to play.
But I did come across something called Qualified HSA Funding Distribution (QHFD) with this associated article https://www.irahelp.com/slottreport/want-fund-your-hsa-your-ira-heres-how. Essentially it is a once in a lifetime seeding of HSA with a direct transfer of funds from IRA to HSA. No taxes involved in the transfer. Seems like a good way to start one.
Has anyone done this and think it is a great idea, even though we would be spending an extra $2400/yr for the HSA eligible plan?
Bob D
We have never had an HSA, but are considering it this time around. I'm trying to determine the pro's and con's for us.
The two ACA Bronze options are $200/mo difference. The one that is NOT HSA eligible is $200/mo less than the HSA eligible one. We plan on trying to hit the $60k mark for income to get the subsidy. So tax deduction wise an HSA as a deduction does not come in to play.
But I did come across something called Qualified HSA Funding Distribution (QHFD) with this associated article https://www.irahelp.com/slottreport/want-fund-your-hsa-your-ira-heres-how. Essentially it is a once in a lifetime seeding of HSA with a direct transfer of funds from IRA to HSA. No taxes involved in the transfer. Seems like a good way to start one.
Has anyone done this and think it is a great idea, even though we would be spending an extra $2400/yr for the HSA eligible plan?
Bob D