No employer HSA. Advice?

[ewe2003]

My work has great benefits. 13% pension 4% 401k Match, Health insurance with low deductibles, free life insurance, but one thing it doesn't have is an HSA option. I want an HSA to both lower my taxable income and to use for upcoming medical expenses I will soon have. As I understand, to get an HSA I need a high deductible health insurance plan (HDHP). My question is can I open a personal high deductible health insurance plan to qualify for an HSA, then to contribute a lump sum for HSA, then cancel the insurance plan after a month and still use the HSA funds/use lump sum amount for deductible taxable income? I don't need health insurance, since I already have it through my work, but from what I can see I can't get an HSA without opening a personal health insurance, which I don't need, neither is it cheap. Any feedback will be appreciated!

[NetSkyBlue]

Originally Posted by ewe2003

My work has great benefits. 13% pension 4% 401k Match, Health insurance with low deductibles, free life insurance, but one thing it doesn't have is an HSA option. I want an HSA to both lower my taxable income and to use for upcoming medical expenses I will soon have. As I understand, to get an HSA I need a high deductible health insurance plan (HDHP). My question is can I open a high deductible health insurance plan to qualify for an HSA, then to contribute a lump sum for HSA, then cancel the insurance plan and still use the HSA funds? I don't need health, I already have it through my work, but from what I can see I can't get an HSA without opening a personal health insurance, which I don't need, neither is it cheap. Any feedback will be appreciated!

I've never heard of being able to get an HSA without personal health insurance. I priced one out for myself recently with a $1700 deductible, and I think premiums came to 265 or somewhere thereabouts per month. But I'm young, and a non-tobacco user.

Could you convince your employer to purchase you an HSA insurance plan and contribute the same amount towards it that they are currently paying for your company policy's premium?

Edit: My mother convinced her employer to contribute to her personally purchased HSA in lieu of her enrolling in their health plan, for less money than they would have had to pay for her premiums if she had chosen to enroll. You may have some negotiating power.

[MonkeyMama]

No - if you do it that way you would only get 1/12 deduction - pro-rated for one month of the year. (Congress has thought of that loophole - but smart to ask - they don't always close these loopholes).