Go Back   English Forum Switzerland > Help & tips > Insurance
Reply
 
Thread Tools Display Modes
  #1  
Old 02.09.2013, 11:25
kiwiguy08's Avatar
Forum Veteran
 
Join Date: Apr 2008
Location: Horgen
Posts: 1,234
Groaned at 28 Times in 21 Posts
Thanked 852 Times in 420 Posts
kiwiguy08 has an excellent reputationkiwiguy08 has an excellent reputationkiwiguy08 has an excellent reputationkiwiguy08 has an excellent reputation
HSA for Swiss health insurance

Does anyone know if US citizens can open a Health Savings Account using their Swiss health insurance and a high deductible?
Reply With Quote
  #2  
Old 02.09.2013, 11:36
anowheels's Avatar
Forum Veteran
 
Join Date: Mar 2011
Location: Not Zurich
Posts: 988
Groaned at 1 Time in 1 Post
Thanked 668 Times in 401 Posts
anowheels has an excellent reputationanowheels has an excellent reputationanowheels has an excellent reputationanowheels has an excellent reputation
Re: HSA for Swiss health insurance

Quote:
View Post
Does anyone know if US citizens can open a Health Savings Account using their Swiss health insurance and a high deductible?
Hmmm, good question.

The AARO seems to think so: http://www.aaro.org/faqs and I don't see anything in the rules that would preclude it: http://www.irs.gov/publications/p969/ar02.html

The more difficult thing would probably be to get an account opened and have the administrator reimburse you for Swiss medical expenses.
Reply With Quote
  #3  
Old 13.09.2016, 00:51
Borinquen's Avatar
Junior Member
 
Join Date: Jan 2014
Location: Basel
Posts: 52
Groaned at 0 Times in 0 Posts
Thanked 35 Times in 16 Posts
Borinquen has no particular reputation at present
Re: HSA for Swiss health insurance

Bump for more updated info.

Any US citizens resident in CH open an HSA in the US for their Swiss medical expenses?
Reply With Quote
  #4  
Old 13.09.2016, 08:53
kiwiguy08's Avatar
Forum Veteran
 
Join Date: Apr 2008
Location: Horgen
Posts: 1,234
Groaned at 28 Times in 21 Posts
Thanked 852 Times in 420 Posts
kiwiguy08 has an excellent reputationkiwiguy08 has an excellent reputationkiwiguy08 has an excellent reputationkiwiguy08 has an excellent reputation
Re: HSA for Swiss health insurance

Quote:
View Post
Bump for more updated info.

Any US citizens resident in CH open an HSA in the US for their Swiss medical expenses?
I'm unsure why anyone would voluntarily pay for a US HSA as well as the Swiss health insurance that they are required to have.
Reply With Quote
  #5  
Old 13.09.2016, 09:32
Borinquen's Avatar
Junior Member
 
Join Date: Jan 2014
Location: Basel
Posts: 52
Groaned at 0 Times in 0 Posts
Thanked 35 Times in 16 Posts
Borinquen has no particular reputation at present
Re: HSA for Swiss health insurance

The point of the US HSA would be to pay for the Swiss health insurance deductible with pre-tax dollars on the US tax-return.
Reply With Quote
  #6  
Old 13.09.2016, 09:57
Forum Legend
 
Join Date: Sep 2006
Location: SZ
Posts: 8,731
Groaned at 19 Times in 18 Posts
Thanked 19,210 Times in 6,151 Posts
meloncollie has a reputation beyond reputemeloncollie has a reputation beyond reputemeloncollie has a reputation beyond reputemeloncollie has a reputation beyond reputemeloncollie has a reputation beyond reputemeloncollie has a reputation beyond repute
Re: HSA for Swiss health insurance

Quote:
View Post
I'm unsure why anyone would voluntarily pay for a US HSA as well as the Swiss health insurance that they are required to have.
I hadn't even thought of trying to set up an HSA, so thanks to this thread I'm now going to look into it.

An HSA might be an interesting option for me not just to reduce the impact of my Swiss healthcare costs but rather because as I am in the US so frequently. The primary reason I am interested in learning more is that the likelihood of needing treatment in the US grows as I grow older. Were I to need emergency treatment in the US my Swiss insurance would not cover it.

Moreover, an HSA, at least at first glance, is fairly attractive tax-wise. As the bulk of my tax liability is to Uncle Sam, an HSA, if really available to US citizens overseas, might be one of the few ways I could deflect some of that.

But more importantly, I do not have access to decent doctors here in Switzerland, thanks to where I live, thanks to the fact that I only have basic insurance. I had to go back to the US once already for diagnosis. Unlike in Switzerland, I can see top specialists in the US quickly, without a problem.

Well, there is that little problem that it will cost an arm and a leg and a left lung and probably several other organs. Hence why a US HSA is an interesting option.

I have only begun to read up in this, but it looks like determining if my Swiss insurance meets the qualifying definition will be a rather large hurdle. But worth looking into.

Last edited by meloncollie; 13.09.2016 at 10:25.
Reply With Quote
  #7  
Old 10.10.2016, 15:18
alanbrito's Avatar
Member
 
Join Date: Jan 2007
Location: Horgen
Posts: 134
Groaned at 0 Times in 0 Posts
Thanked 43 Times in 25 Posts
alanbrito has earned some respectalanbrito has earned some respect
Re: HSA for Swiss health insurance

Quote:
View Post
I hadn't even thought of trying to set up an HSA, so thanks to this thread I'm now going to look into it.

An HSA might be an interesting option for me not just to reduce the impact of my Swiss healthcare costs but rather because as I am in the US so frequently. The primary reason I am interested in learning more is that the likelihood of needing treatment in the US grows as I grow older. Were I to need emergency treatment in the US my Swiss insurance would not cover it.

Moreover, an HSA, at least at first glance, is fairly attractive tax-wise. As the bulk of my tax liability is to Uncle Sam, an HSA, if really available to US citizens overseas, might be one of the few ways I could deflect some of that.

But more importantly, I do not have access to decent doctors here in Switzerland, thanks to where I live, thanks to the fact that I only have basic insurance. I had to go back to the US once already for diagnosis. Unlike in Switzerland, I can see top specialists in the US quickly, without a problem.

Well, there is that little problem that it will cost an arm and a leg and a left lung and probably several other organs. Hence why a US HSA is an interesting option.

I have only begun to read up in this, but it looks like determining if my Swiss insurance meets the qualifying definition will be a rather large hurdle. But worth looking into.
I've done this for a couple years with no problem. If you are on the hook for US taxes, it's a no-brainer. Let me explain why...


According to the specs, most Swiss health plans automatically qualify as a HDHP. In my case (with children), I simply have to have a deductible (franchise) above $2500 and out-of-pocket max below a certain threshold. The eligibility requirements are very simple.




I don't really use mine as a health savings plan. Rather, more like an additional IRA.


Benefits:


  • I can lower my taxable income by $6750 (for tax year 2016) just like a traditional IRA. Tax free contributions. Nice.
  • Tax free growth. Nice.
  • Any health expense reimbursement can be paid at any time. There is no time limit! This means I can keep all health expense receipts for years, and pay those expenses back to myself 100% tax free. That equates to triple tax savings. Nice.
  • After age 65, I can pay myself back all funds contributed. The only caveat is that anything non-health related is of course taxed as a traditional IRA would be. But, there are no withdrawal penalties.
  • The plan I use (healthsavings.com) allows investments into very low fee VanGuard funds. Nice.
  • If for some reason I decide to pay myself back for expenses sooner than retirement age, I simply can use a debit card to take out cash. Otherwis, I can do an online transfer.


These things are great. In some ways (tax free withdrawals), they are even better than IRAs.



Hope this helps someone.
Reply With Quote
This user would like to thank alanbrito for this useful post:
Reply




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Very cheap Swiss health insurance for students & researchers mark Insurance 174 23.07.2016 17:36
Swiss insurance provider for health insurance abroad Azztrick Insurance 1 18.02.2013 00:31
Cheapest price for your swiss health insurance ! Lemanik Commercial 13 24.06.2010 10:54
Swiss Health Insurance overseas Marcashvin Insurance 3 01.11.2007 10:15
Health Insurance for my wife & Son [moving US to Swiss] Tuck Insurance 5 30.06.2007 09:11


All times are GMT +2. The time now is 22:26.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0