HSA Contribution Question - Spouse on Different Insurance
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HSA Contribution Question - Spouse on Different Insurance
I have a question on the annual HSA limits below:
Individual max: $3,600
Family max: $7,200
I carry my health insurance thru my employer and quality for the HSA.
My wife carries health insurance for her and our children thru her employer and doesn’t qualify for HSA (low deductible plan)
Am I able to contribute the max of $7,200? Thank you!
Individual max: $3,600
Family max: $7,200
I carry my health insurance thru my employer and quality for the HSA.
My wife carries health insurance for her and our children thru her employer and doesn’t qualify for HSA (low deductible plan)
Am I able to contribute the max of $7,200? Thank you!
Last edited by ddurrett896 on Wed May 12, 2021 10:16 am, edited 2 times in total.
Re: HSA Contribution Question - Spouse on Different Insurance
No, not unless your plan, that covers only you, is somehow listed as a family plan.
But based on what you described you are limited to the individual max of $3600 (and $1k catch up if over 55)
Mike
But based on what you described you are limited to the individual max of $3600 (and $1k catch up if over 55)
Mike
Re: HSA Contribution Question - Spouse on Different Insurance
$3,600 max for you. However, it's worth noting that you CAN withdraw from it to pay for HER medical expenses, assuming you aren't using it just as a retirement vehicle.
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Re: HSA Contribution Question - Spouse on Different Insurance
I understand the spending piece covering the entire family. Sent the same question to my HR and they said I was able to contribute the max of $7,200 in your HSA account.
If my HR allows it, is there any way I can be penalized? Thanks!
If my HR allows it, is there any way I can be penalized? Thanks!
Re: HSA Contribution Question - Spouse on Different Insurance
What HR told you is meaningless in this discussion unless there is missing information. When the IRS audits you and assesses penalties what is your HR going to do?ddurrett896 wrote: ↑Wed May 12, 2021 6:47 am I understand the spending piece covering the entire family. Sent the same question to my HR and they said I was able to contribute the max of $7,200 in your HSA account.
If my HR allows it, is there any way I can be penalized? Thanks!
There are other important questions. Does your wife have a healthcare FSA? If so then you are ineligible for HSA contributions. If you are on an individual HSA eligible plan (no other family members have HSA eligible plan) your limit is $3600.
Re: HSA Contribution Question - Spouse on Different Insurance
Yes even if HR allows you to break the law the IRS will not. You can look up the penalties in the IRS publications.
Re: HSA Contribution Question - Spouse on Different Insurance
Are you covered under your spouse's coverage? If yes, you cannot make an HSA contribution at all. If not, it depends whether your coverage is family or self only. If family, you can contribute up to 7,200. If self, you can contribute up to 3,600.
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Re: HSA Contribution Question - Spouse on Different Insurance
OP pretty clearly specified that his wife has coverage for herself and the kids, and he has coverage for himself.
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Re: HSA Contribution Question - Spouse on Different Insurance
OP never said his coverage was self only. It is possible for each spouse to have a family plan. Also, I intended my response to also be helpful to others who have similar questions.RickBoglehead wrote: ↑Wed May 12, 2021 10:11 amOP pretty clearly specified that his wife has coverage for herself and the kids, and he has coverage for himself.
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Re: HSA Contribution Question - Spouse on Different Insurance
My coverage thru my employer just covers me (High deductible, HSA available)
My wife/kids coverage is thru her employer (Low deductible, no HSA available)
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Re: HSA Contribution Question - Spouse on Different Insurance
Switch to family plan with employer, cover your kids, and contribute $7200 to HSA.
Once your kid is an adult they too can contribute the family max (double dip)
Once your kid is an adult they too can contribute the family max (double dip)
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Re: HSA Contribution Question - Spouse on Different Insurance
Make sure you wife doesn't open an FSA that can be used for you because that would count as coverage that would stop you from being able to contribute to your HSA.
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Re: HSA Contribution Question - Spouse on Different Insurance
Thanks! No FSA since it's use it or lose it and we rarely have medical emergencies..knock on wood!