Has anyone tried making a Honeywell COBRA payment with a Bank of America HSA. My payment shows up and is then cancelled the next day on Benefits Center (four times now). BofA indicates my HSA account has not received a debit request from Honeywell Cobra.
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Go to the BofA Myhealth site. You can creat a recurring check to be sent to Honeywell to pay the Cobra bill.
@4qrs+18Y4Myz0 If you're relatively close (10 or some say 20 years) to when you would like to retire, you should contact a financial advisor (not a stock picker) who is a fiduciary (that's important) and have them work out a plan. They can help with the 401k rollover if appropriate.
Please note that if you are 55 IN THE YEAR (not on the date) of your break with Honeywell you fall into the Rule of 55 and can withdraw 401k funds (from Honeywell's 401k plan only and not from any you have with a previous employer) before you are 59-1/2 without penalty and without having to abide by Rule 72T. In this case it may be appropriate to leave your money in the Honeywell 401k plan. Link: https://smartasset.com/retirement/401k-55-rule
Money allocated in a proper plan that balances risk and reward won't do as well as the market when the market is up, but will save your butt when the market is down. Return OF your money becomes as important as return ON your money as you get older. It's important to plan ahead. You don't want to get to the Two Minute Warning and not be in the retirement Red Zone.
I've been severing any financial ties with HON since layoff. Got tired of the HSA "no employee fee" so transferred my HSA to Fidelity, no charge HSA. Many more investment options there as well.
Also took the lump sum retirement -> directly into my IRA. Still working on figuring out what to do with my 401-K then I'll have removed any remains of links to HON financially
@2lbz: Yes it is acceptable with the IRS to make a deposit to your HSA account with your personal funds as long as you have an HSA qualified health insurance plan for that tax year. And yes the HSA contribution is deducted from your adjusted gross income. I've done it with no problem
It's very important that your health insurance is an HSA qualified plan for the tax year you make a deposit the your HSA account. If it's not you're going to have a monetary penalty from the IRS.
Just to make sure that I'm not out in left field: Are deposits that are made to a HSA account outside of your employer are still tax deductible? The deposits are just deducted from your adjusted gross income on your 1040, and you get the deduction that way? (Instead of the deduction showing on you W2?)
Thanks
I pulled my HSA funds out of BofA and transferred them to my Credit Union (created an HSA account). Now COBRA payments come directly out of that account. By the way, BofA charges a monthly fee if you are no longer a Honeywell employee which was another reason I pulled the funds from BofA..
I have been using i for years, and have never had a problem.
I found it took many, many calls to One stop
the last time I had a problem.
Nice to know that HON is such an organized industrial/software conglomerate.
Flawless launch.
Concur with GMF. I was able to get an account and routing numbers from BofA by getting Honeywell and BofA on the phone at the same time. However, encountered the same issue. Transfer would be cancelled. So I did what GMF did. Transferred from HSA to checking. Transferred from checking to Honeywell.
I found that I couldn't just have Honeywell get the money out of my BofA HSA account, rather it was taken out of my normal checking account and I simply reimbursed myself from my BofA HSA (into my checking account) and that has worked just fine (in fact I set up the recurring monthly xfer without issue).
1-877-258-3699 Call the Honeywell One Stop number.