Let's say we get an extension to Jan 4 for the ER - can we do a lump sum deposit into HSA at the beginning of 2021?
4 replies (most recent on top)
I thought you contined with your current plan ??
It depends on the company. I've been offered COBRA at least 6 times and used it 2 or 3 times. Some companies force you to keep the same coverages you had as an employee and some treat it as an open enrollment period where you can chose to keep or drop any benefits. While I've never switched between high deductible or the other plan, I do like it when they allow you to drop vision & dental since they're typically not needed for the (hopefully) brief period of time between jobs.
I keep reading folks saying under COBRA you will be using the high deductible plan..
I thought you contined with your current plan ??
You'll want to double-check this, but I believe you can add to your 2020 HSA until April 15, 2021.
Maximum pre-tax contribution for 2021 is $7200. It maxes sense to move that amount in HSA account. Remember that you have to continue the high deductible plan either under COBRA or RMAP.