Originally Posted by bizlady
DH and I each have our own individual HDHP- it is not a family plan.
We are over 55
So is our maximum HSA contribution for this year:
3350 each plus the 1000 EACH for a total of $8700
Or are we limited to a TOTAL of $7750 which means only $1050 can be contributed extra in total
Two separate individual HDHPs that are HSA eligible (not all HDHPs are):
HSA Account #1: $3350 + $1000 = $4350
HSA Account #2: $3350 + $1000 = $4350
Total 2016 HSA Contributions: $8700
Family HDHP that is HSA eligible:
HSA Account #1: $6750 + $1000 = $7750
HSA Account #2: $0 + $1000 = $1000
Total 2016 HSA Contributions: $8750
An HSA account belongs to one person even though the spouse may be authorized to withdraw funds. With a family HDHP, the second HSA account is used for the spouse's age 55+ make-up contributions.
If you are age 55 or older by the end of year, you can contribute additional $1,000 to your HSA. If you are married, and both of you are age 55, each of you can contribute additional $1,000.
However, because HSA is in an individual’s name — there is no joint HSA even when you have family coverage — only the person age 55 or older can contribute the additional $1,000 in his or her own name. If only the husband is 55 or older and the wife contributes $6,750 to her HSA for their family coverage, the husband has to open a separate account for the additional $1,000. If both husband and wife are age 55 or older, they must have two HSA accounts if they want to contribute the maximum $8,750. There’s no way to hit the maximum with only one account.