Health Savings Account Question

[Keim]

My family health insurance is via a high deductible health plan my wifes employers offers, that includes a Health Savings Account. Her employer funds it to the individual maximum of about $3k, though as a family we could fund it to about $6k.

I recently went to work for a small nonprofit that offers an insurance benefit. I am visiting with the director about using the money to fund her HSA to its limit. The director believes he would need to send a check directly to her HSA provider. I'm not sure.

Anyone knowledgeable about HSAs that can provide insight?

 

[bingybear]

If the question is how do you fund your wife's HSA to the family limit, that would be the way. I do it online when logged onto my hsa account. Now if you are getting a insurance benefit through this non-profit, it depends. If you are still on your wife's HDHP, then yes. It is quite likely you can do all this online.
If you are both covered under a HDHP and neither of you are covered by a non-HDHP, then you can save up to the max family HSA amount which is a bit over $6.5k (don't recall the correct amount 6650 maybe). This amount is maximum, having multiple insurances will not increase it. It also includes all contributions to the HSA, personal or employer.

 

[Keim]

If the question is how do you fund your wife's HSA to the family limit, that would be the way. I do it online when logged onto my hsa account. Now if you are getting a insurance benefit through this non-profit, it depends. If you are still on your wife's HDHP, then yes. It is quite likely you can do all this online.
If you are both covered under a HDHP and neither of you are covered by a non-HDHP, then you can save up to the max family HSA amount which is a bit over $6.5k (don't recall the correct amount 6650 maybe). This amount is maximum, having multiple insurances will not increase it. It also includes all contributions to the HSA, personal or employer.

I am on wifes HDHP. My new employer offers money for an insurance benefit. So, I guess the question is how do I use the insurance money benefit offered by new employer to top up family HSA?

Director believes he would need to write a check directly to wifes HSA for all to be kosher with IRS.

I think he just cuts me a check, and I deposit it at bank, then immediately roll it into HSA on my own via their online window.

 

[pb4uski]

I think either way will work. If he pays you, it is taxable income but you also get a deduction for your contribution. If he puts it directly to the HSA, it is just a non-taxable benefit to you (like employer paid health insurance...I think).

 

[travelover]

I think either way will work. If he pays you, it is taxable income but you also get a deduction for your contribution. If he puts it directly to the HSA, it is just a non-taxable benefit to you (like employer paid health insurance...I think).

Sounds right.

 

[MooreBonds]

I am on wifes HDHP. My new employer offers money for an insurance benefit. So, I guess the question is how do I use the insurance money benefit offered by new employer to top up family HSA?

Director believes he would need to write a check directly to wifes HSA for all to be kosher with IRS.

I think he just cuts me a check, and I deposit it at bank, then immediately roll it into HSA on my own via their online window.

Might want to clarify the steps with your employer. Ideally, the employer makes a check out directly to the HSA Savings account bank, and it also avoids FICA taxes.

if the employer cuts you out a check and you deposit it in your bank account, then turn around and send a check to the HSA Bank account, find out if FICA taxes are being taken out first. Would save about $200, +/-!