[Sean]

The information you are giving about your plan is not enough to determine if it’s hsa eligible.

If your plan is hsa eligible then it should be a much higher priority.

It should be second after 401k match as far as investments go.

Way better than a Roth IRA or maxing the 401k.

[Bruce]

Your work typically provides the HSA to you and may make yearly contributions to it.

The combo of their contributions and your contributions have a yearly max, similar to what an IRA or 401k have.

Your contributions should be deducted from your pay on a pre-tax basis.

Once you have money in the HSA, you can either leave some or all in the spendable account or you can pick investments for some of the money.

Different HSA plans may require you to keep a certain amount in the spendable account.

[Megan]

Do you have Qualified High Deductible Health Plan (HDHP) or do you have “a health plan with a deductible that seems high”?

You need the former to be eligible to contribute to an HSA.

Not all plans with high deductibles are Qualified HDHPs.

While it’s possible, it is relatively unlikely that a employer sponsored Qualified HDHP would not also come with an employer sponsored HSA.

Also not always, but usually the plan’s name with reference it being an HDHP or HSA eligible if it is, indeed, a qualified HDHP.

[Rich]

Hardly a big deal. I could have had a larger HSA balance if not used. Now, at $500, have it invested at Fidelity.

Had to switch to FSA and better insurance for the family.

[Author]

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