Is her insurance an individual or family policy? If it’s family and covers another family member along with her, she can contribute the family limit of $7200 to the HSA. If only your wife is covered on an individual policy, the contribution is a maximum of $3600. In both cases, an additional $1000 can be contributed if she is age 55 or over.
Thanks, ya, family policy, still covers the kids, and she's 55....+
I thought the kid rule was 26 yrs for kids, but I've told BCBS several times the kids are 29yrs old and 26yrs old, they say it's not a problem.
Maybe not for BCBS, but for me! Do the ever grow up?
One loophole that you could take advantage of is that each of your adult children who is covered on the family plan is eligible to open his/her own HSA and contribute the max family contribution. So they could each save $7200 in their own HSA account and take the deduction on their own tax returns, giving you a total family benefit of $7200 x 2 + $8200 = $22,600. The contribution can come from anywhere, so should you feel inclined to do so, you can fund their accounts for them.
I had a family HSA until I went on Medicare, My wife is 5 years younger,
can she open another Family HSA, and put the max $8,100 in it?
If both spouses are 55 or older and not enrolled in Medicare, each spouse’s contribution limit is increased by the additional contribution. If both spouses meet the age requirement, the total contributions under family coverage can’t be more than $9,100. Each spouse must make the additional contribution to his or her own HSA.
Example. For 2020, spouses Ginger and Lucy are both eligible individuals. They each have family coverage under separate HDHPs. Ginger is 58 years old and Lucy is 53. Ginger and Lucy can split the family contribution limit ($7,100) equally or they can agree on a different division. If they split it equally, Ginger can contribute $4,550 to an HSA (one-half the maximum contribution for family coverage ($3,550) + $1,000 additional contribution) and
Lucy can contribute $3,550 to an HSA.
There is no such thing as a family HSA. There are family health insurance policies, but not family HSAs.
This is an interesting loophole indeed. Thank you for bringing this up.
-gauss
So what do you call it when you can contribute $7,100 in rather than $3,000?
Where does the $3,000 come from? See what I added to my previous post.
Hmm, are you sure there can be 3 HSA's on only one HDHP?
My daughter could have the $7,100 deduction and my son could have
$3,000. Any website, I can review?
Hmm, are you sure there can be 3 HSA's on only one HDHP?
My daughter could have the $7,100 deduction and my son could have
$3,000. Any website, I can review?