If I’m covered under the Savings Plan and am enrolled in the MoneyPlu$ full Medical Spending Account, can I open a Health Savings Account?
A. No. A full Medical Spending Account, such as the MoneyPlu$ Medical Spending Account is considered other health insurance. Even a spouse’s Medical Spending Account is considered other health insurance, since your medical expenses would be eligible for reimbursement under your spouse’s spending account. However, you can enroll in a limited-use Medical Spending Account, which is not considered other health insurance. If you are enrolled in a full Medical Spending Account, you must wait until January 1, after the end of the plan year, to begin contributing to an HSA, provided you do not have any funds remaining in your Medical Spending Account on the last day of the plan year (December 31). If you have a balance in your Medical Spending Account as of December 31, you must wait until April 1, after the end of the grace period, to begin contributing to an HSA. You may also become eligible to contribute to an HSA if a special eligibility situation occurs that would allow you to end your Me
Related Questions
- If I’m covered under the Savings Plan and am enrolled in the MoneyPlu$ full Medical Spending Account, can I open a Health Savings Account?
- Do I need to be enrolled in the medical plan in order to participate in a Health Care Spending Account?
- What is the plan year for Medical Reimbursement on my Flexible Spending Account?
