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05-12-2018, 08:47 AM
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#1
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Thinks s/he gets paid by the post
Join Date: Mar 2010
Location: Chicago
Posts: 1,154
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HSA question
I am a year and a half younger than my wife. Can I contribute the full family amount of 7850 to my HSA when she turns 65? I suppose I could the full amount prior to her birthday in July. Then what happens the following year when she is already 65 and medicare and I am still only 64 ?
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05-12-2018, 09:02 AM
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#2
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Thinks s/he gets paid by the post
Join Date: Jul 2015
Location: Beaverton
Posts: 1,382
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Quote:
Originally Posted by ripper1
i am a year and a half younger than my wife. Can i contribute the full family amount of 7850 to my hsa when she turns 65? I suppose i could the full amount prior to her birthday in july. Then what happens the following year when she is already 65 and medicare and i am still only 64 ?
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you can only contribute and deduct on your taxes contributions for your wife prorated for the six months prior to her 65 birthday. Following that you can continue to contribute your full amount. The year that you turn 65 you will be under the same restrictions.
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05-12-2018, 09:39 AM
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#3
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Thinks s/he gets paid by the post
Join Date: Mar 2010
Location: Chicago
Posts: 1,154
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Quote:
Originally Posted by Bir48die
you can only contribute and deduct on your taxes contributions for your wife prorated for the six months prior to her 65 birthday. Following that you can continue to contribute your full amount. The year that you turn 65 you will be under the same restrictions.
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So, if I am reading this correctly I can contribute in 2018 the full 3450 for myself and then if I divide 3400 x 12 = 283.33 for her......it would be 283.33 x 5 months prior to her bday or 1416. So 1416 + 3450= 4866. Is this correct.
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05-12-2018, 10:10 AM
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#4
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Full time employment: Posting here.
Join Date: Jul 2004
Posts: 512
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Quote:
Originally Posted by ripper1
I am a year and a half younger than my wife. Can I contribute the full family amount of 7850 to my HSA ...
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BTW, 2018 family limit was recently returned to 7900 (after age 50), by the IRS.
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05-12-2018, 10:12 AM
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#5
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Thinks s/he gets paid by the post
Join Date: Jul 2015
Location: Beaverton
Posts: 1,382
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That is correct. I'm assuming she's in a HDHP now. Once she moves to Medicare she is considered to be in a low deductible plan and doesn't qualify. However you can still use the money accumulated to cover copy's and out of pocket costs.
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05-12-2018, 04:23 PM
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#6
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Thinks s/he gets paid by the post
Join Date: Mar 2010
Location: Chicago
Posts: 1,154
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Quote:
Originally Posted by Bir48die
That is correct. I'm assuming she's in a HDHP now. Once she moves to Medicare she is considered to be in a low deductible plan and doesn't qualify. However you can still use the money accumulated to cover copy's and out of pocket costs.
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Thanks
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05-16-2018, 03:51 PM
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#7
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Thinks s/he gets paid by the post
Join Date: Mar 2010
Location: Chicago
Posts: 1,154
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Has anybody used the HSA Authority by Old National Bank. I am considering opening an account with them.
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05-25-2018, 09:58 AM
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#8
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Thinks s/he gets paid by the post
Join Date: Mar 2010
Location: Chicago
Posts: 1,154
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A little confused by the 1000 dollar catch up for 55 yr olds in HSA. Does this mean if my wife and I open our own account we each get a 1000 dollar catch up? So 3450 + 1000 each?
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05-25-2018, 10:56 AM
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#9
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Thinks s/he gets paid by the post
Join Date: Aug 2012
Posts: 1,862
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Goes by family. It's $7900 for a family:
2018 HSA Contribution Limits – HSACenter
Haven't heard of the ONB HSA. Luckily, our local bank has a good "free" one if we maintain a certain balance in our other accounts, which we do. Good Lord willin' and the creek don't rise.
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05-25-2018, 11:27 AM
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#10
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Thinks s/he gets paid by the post
Join Date: Jan 2014
Posts: 1,173
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Quote:
Originally Posted by ripper1
A little confused by the 1000 dollar catch up for 55 yr olds in HSA. Does this mean if my wife and I open our own account we each get a 1000 dollar catch up? So 3450 + 1000 each?
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Quote:
Originally Posted by SumDay
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$7900 is the per account limit. The other spouse is allowed to open their own HSA and contribute their own $1000 catch-up for a total of $8900 spread across the two HSAs.
Catch ups are also prorated in the year you turn 65.
Quote:
The catch-up provision for people over age 55 is $1,000. This means if you are aged 55 or over, you can add an additional $1,000 toward the annual contribution. This means for 2018 you can contribute up to $4,450 for a single filer and $7,900 for a family if you are 55 or older, with only one HSA.
In the case where both spouses open an HSA, and are both over 55, the annual family maximum contribution could reach $8,900.
Reference: https://www.medmutual.com/For-Indivi...-Accounts.aspx
Catch-up contributions: One or both spouses may make catch-up contributions, if age eligible. For example, if both spouses are age 55 or older by the end of 2018, total contributions to their HSAs cannot exceed $8,900 ($6,900 maximum limit + $1000 catch-up for each spouse), when both have family coverage.
Reference: https://www.hsaservicecenter.com/hsasc/about.aspx
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05-25-2018, 02:38 PM
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#11
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Thinks s/he gets paid by the post
Join Date: Mar 2010
Location: Chicago
Posts: 1,154
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Quote:
Originally Posted by MBSC
$7900 is the per account limit. The other spouse is allowed to open their own HSA and contribute their own $1000 catch-up for a total of $8900 spread across the two HSAs.
Catch ups are also prorated in the year you turn 65.
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Great explanation. Thanks MBSC
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05-29-2018, 07:01 AM
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#12
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Thinks s/he gets paid by the post
Join Date: Mar 2010
Location: Chicago
Posts: 1,154
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Can either spouse use each others account? Or because we have separate accounts only that person can use their own account for health payments?
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05-29-2018, 07:17 AM
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#13
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Thinks s/he gets paid by the post
Join Date: Aug 2011
Posts: 3,587
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Quote:
Originally Posted by ripper1
Can either spouse use each others account? Or because we have separate accounts only that person can use their own account for health payments?
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The HSA accounts are individually owned, however, distributions from your account can be used to pay for your spouses medical expenses.
If memory serves, I think you can pay for medical expenses for anyone listed on your tax return.
-gauss
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05-29-2018, 08:31 AM
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#14
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Thinks s/he gets paid by the post
Join Date: Mar 2010
Location: Chicago
Posts: 1,154
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Quote:
Originally Posted by gauss
The HSA accounts are individually owned, however, distributions from your account can be used to pay for your spouses medical expenses.
If memory serves, I think you can pay for medical expenses for anyone listed on your tax return.
-gauss
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Thanks Rainman....I mean Gauss
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