Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Second HSA Account Instead of Joint Account
Old 07-31-2015, 01:26 PM   #1
Thinks s/he gets paid by the post
sengsational's Avatar
Join Date: Oct 2010
Posts: 2,836
Second HSA Account Instead of Joint Account

From what I've been able to discern, it would be possible for me to open a second HSA account for DW, which would allow me to put in an additional $1,050 per year. But I just had a thought...would that mean only she could utilize those funds? If that's so, then it's certainly not something I'd like to do...not only would it increase the book-keeping effort (right now, it all goes into one spreadsheet and the paperwork goes into one folder, no matter if it's my HSA eligible expense or hers), it also would make it so if one of us needed more health care than the other, only 'half' of the funds would be available. My plan is to keep it to pay Medicare part B, so in that case, it wouldn't matter, but I'd rather not get boxed-in for an additional few bucks on taxes now. Sound about right?

sengsational is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 07-31-2015, 01:37 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 13,194
We have separate HSA accounts and I have separate files of our medical expenses since the HSAs have been in existence. Easy peasy.

If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
pb4uski is offline   Reply With Quote
Old 07-31-2015, 01:37 PM   #3
Thinks s/he gets paid by the post
Join Date: Jan 2006
Posts: 2,504
Check out some of the links here:

I looked at 3 and they all said you could pay for other family members out of your own account (and the reverse). Having multiple sources agree is almost as good as getting it from IRS; might be in Pub969 but this seemed easier.

and here's P969:

Qualified medical expenses are those incurred by the following persons.
You and your spouse.

All dependents you claim on your tax return.

Any person you could have claimed as a dependent on your return except that:

The person filed a joint return,

The person had gross income of $3,950 or more, or

You, or your spouse if filing jointly, could be claimed as a dependent on someone else's 2014 return.
kaneohe is offline   Reply With Quote
Old 07-31-2015, 02:19 PM   #4
Thinks s/he gets paid by the post
sengsational's Avatar
Join Date: Oct 2010
Posts: 2,836
Thanks for that. I was wrong-headed about this...I thought my HSA was somehow a joint HSA, so when I googled it, I wasn't ready to interpret those FAQ's properly. One of the sites says this:

Can I use my HSA account to pay for medical expenses for my spouse and dependents?

Yes, you may use funds from your HSA to cover eligible medical expenses for your spouse and any dependents. To maximize your tax benefit and savings potential, both you and your spouse should consider having separate HSAs.
sengsational is offline   Reply With Quote
Old 08-04-2015, 09:41 PM   #5
Recycles dryer sheets
Join Date: Nov 2011
Posts: 74
While only one HSA is needed for the family $6,650 contribution limit (2015), the additional $1,000 (55+) catch-up contribution must be made by each spouse to their own HSA separately.
523HRR is offline   Reply With Quote
Old 08-05-2015, 12:46 PM   #6
Thinks s/he gets paid by the post
Join Date: Jul 2005
Posts: 3,801
I did the separate accounts so that I could contribute the extra $1k while DW couldn't. We're not planning on withdrawing anything in the near future, so I'm saving all my receipts. When the time comes to start Roth withdrawals we'll start with the HSA's to the extent that the receipts and Medicare expenses allow.

Animorph is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
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
Transferring HSA money to a new HSA account Mulligan FIRE and Money 13 06-27-2014 08:26 PM
Joint checking account -- good idea or bad? easysurfer FIRE and Money 11 03-31-2010 04:19 AM
Non-spousal joint tenancy of stock account? soupcxan Other topics 5 03-30-2005 07:54 AM


All times are GMT -6. The time now is 04:02 PM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, vBulletin Solutions, Inc.