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HSA maximum question
Old 10-01-2016, 10:45 AM   #1
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HSA maximum question

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
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Old 10-01-2016, 10:55 AM   #2
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I believe, since you both have your own accounts you can each contribute the $1000 catch up - so your total is 8700.

If you shared an account (family) only 1 catchup would count. (I think).

I'm in the middle of diving into the details of this for 2017, and I screwed it up in 2015 and had to withdraw contributions. Our situation was that my kids and I were on one healthcare plan and had an HSA account. So I contributed the family max. My husband (over 55) was on another HSA qualified medical plan and he had his own account - he did the individual + catch up. That was a mistake - our total max needed to be the family value plus catch up.

Next year we have a new twist... DH turns 65 in Jan. I turned 55 last month. So he'll no longer do an HSA. And, I think, the kids and I can do an HSA to the family max and a catch up... But I'm not sure if DH being on medicare effects our abilty to do the family max or an individual max.... So very confusing.
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Old 10-01-2016, 01:08 PM   #3
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Quote:
Originally Posted by bizlady View Post
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

If you don't have any W2 income, just living off of IRA and SS, can you still fund an HSA?
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Old 10-01-2016, 01:55 PM   #4
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Originally Posted by HadEnuff View Post
If you don't have any W2 income, just living off of IRA and SS, can you still fund an HSA?
Yup. Sure can. HSA is an adjustment to income, and any kind of income will do.
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Old 10-01-2016, 04:56 PM   #5
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Originally Posted by bizlady View Post
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.

Quote:
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.

Reference: https://thefinancebuff.com/hsa-contribution-limits.html
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Old 10-02-2016, 08:28 AM   #6
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Originally Posted by HadEnuff View Post
If you don't have any W2 income, just living off of IRA and SS, can you still fund an HSA?
Quote:
Originally Posted by MichaelB View Post
Yup. Sure can. HSA is an adjustment to income, and any kind of income will do.

thanks for the info. Unfortunately, I think I'm going to need to.
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Old 10-02-2016, 08:43 AM   #7
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Quote:
Originally Posted by MBSC View Post
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.
Excellent post. I suggest that we add this (along with the quote and link in the post) to FAQ along with a note that amounts need to be adjusted of for other than 2016.
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Old 10-02-2016, 02:01 PM   #8
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You can contribute to an HSA only if you are in a HDHP. The yearly limit is reduced for any months where you were not in a HDHP on the 1st of the month.
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