HSA newbie question for married couple

[hopeisnotaplan]

2019 is our first time being eligible for an HSA and have a question.

As I understand it, I can open just one account and fund it for $7K or open two accounts split them however I choose, up to $7K. And I can pay medical expenses for either of us with the one account. We will be funding from cash not payroll...(FIRE’d in ‘18)

If I have that correct so far, what is the advantage/disadvantage to opening one account vs two? The only thing I can think of is in the event of a divorce the spouse not on the account could get a raw deal.

Anything I’m missing here?

Thanks!

 

[candrew]

As I understand it, I can open just one account and fund it for $7K or open two accounts split them however I choose, up to $7K.

Yes, provided both of you are on a qualified HDHP.

And I can pay medical expenses for either of us with the one account.

Yes


If I have that correct so far, what is the advantage/disadvantage to opening one account vs two? The only thing I can think of is in the event of a divorce the spouse not on the account could get a raw deal.

A separate HSA account would be required in the even that both of you are over age 55 and want to contribute an additional $1k/year in catch-up contributions.

Anything I’m missing here?

Thanks!

Otherwise, you're good.

 

[walkinwood]

What Candrew says above.


I used a single account till DW turned 55. Then opened a second account so that we could stash the added $1000.


However, we don't use our HSA to fund current medical expenses. We use it as a tax-free investment account today, and will use it to fund Medicare premiums & other medical expenses down the road.

 

[Sue J]

We have two individual policies (both HDHP and HSA qualified) so we have two HSA accounts. When I signed up for the HSAs there is a question about single or family insurance policies.

If your insurance policy is for both of you I think you can do one HSA and it can include one of the over age 55 additional amounts. If you both want to contribute the over 55 amount you need to open a 2nd HSA.