Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
I wanted to contribute to a Medical FSA account for 2014 through my compnay for the tax advantages, but am under a Medical Insurance plan through my wife's company. When I called my company's plan, some of the service people said that I could not contribute to the FSA unless I was enrolled in the company's health insurance as well...could this be true?

Also, the limit for 2014 is $2500, but does that mean my wife and I can each (separately) contribute $2500 since we work at different companies?

Thanks.
Print the post Back To Top
No. of Recommendations: 2
I wanted to contribute to a Medical FSA account for 2014 through my compnay for the tax advantages, but am under a Medical Insurance plan through my wife's company. When I called my company's plan, some of the service people said that I could not contribute to the FSA unless I was enrolled in the company's health insurance as well...could this be true?

Maybe yes, maybe no. Tax law doesn't require it, but tax law basically leaves the rules up to the employer. See Pub 969. I suggest you dig until you find an official written recitation of the rules.

Also, the limit for 2014 is $2500, but does that mean my wife and I can each (separately) contribute $2500 since we work at different companies?

Yes.

Phil
Rule Your Retirement Home Fool
Print the post Back To Top
No. of Recommendations: 0
http://www.forbes.com/sites/ashleaebeling/2012/11/16/new-hea...

says $2500 limit is per employee/employer -so spouses can each contribute $2500.

Are you going to spend >$2500 out of pocket on health care expenses next year?
If you're unlikely to, then you'd be better off just doing $2500 under your wife's employer.

Apparently there is now ability to get $500 out at the end of the year - so hopefully you can project your expenses within $500.
Print the post Back To Top
No. of Recommendations: 0
thanks
Print the post Back To Top