Ryan Kennelly
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My qualified HDHP coverage was effective January 1st, but I didn't establish my HSA until June. Can I still make my maximum annual contribution, or is my contribution reduced by the number of months I didn't have an HSA?
You can still make your maximum annual contribution. Your eligibility to contribute to an HSA is determined by the effective date of your qualified HDHP coverage. Your contribution for any given ye...
Can I convert an HSA account to an IRA? What are the pros/cons?
No, there's no way to convert an HSA to an IRA. And there's really no advantage to doing it, anyways. Both IRAs and HSAs allow you to deposit money into them before taxes. Your total yearly contrib...
Ambetter Health Insurance Plans Indiana Guide
Ambetter Health Insurance Plans In Indiana Browse Plans & Apply Now Ambetter individual and family healthcare coverage in Indiana provides affordable options in 28 counties. The parent compan...
I live in an ineligible county that does not offer Wellmark Value Health Plan, but work and receive services a county it is offered. Can I enroll in Wellmark Individual Value Health Plan?
No, only residents living in one of the 36 Iowa counties offering the Wellmark Value Health Plans are eligible to enroll. Working in a county that offers the plan does not make you eligible.
I Received a Bigger Subsidy than I Should Have because my Income Was Higher. Do I Have To Pay a Penalty?
You do not need to pay a penalty, assuming you were covered by a health plan that meets the Minimum Essential Coverage Requirements. However, if the amount of the allowed premium tax credit is less...
What Happens to the Money In My HSA Account After Turn 65?
You can continue to use your account tax-free for out-of-pocket health expenses. When you enroll in Medicare, you can use your account to pay Medicare premiums, deductibles, copays, and coinsurance...
How Much Does an HSA Cost?
An HSA is not something you purchase; it’s a savings account into which you can deposit money on a tax-preferred basis. The only product you purchase with an HSA is a High Deductible Health Plan, a...
What is a “High Deductible Health Plan” (HDHP)?
Sometimes referred to as a “catastrophic” health insurance plan, an HDHP is an inexpensive health insurance plan that generally doesn’t pay for the first several thousand dollars of health care exp...
What is a Qualified Health Plan?
Under the ACA, the designation of qualified health plan (QHP) is given to health insurance plans that are sold in the marketplace (exchange). The same basic rules apply to plans sold both in and o...
Can I Cancel My Dental Plan Anytime?
Generally you can cancel a dental plan at anytime, by not paying, if it’s a stand-alone dental plan. If you have a plan that includes dental, you can switch it during open enrollment, but can’t dro...