HSA Maximum for Over 50 years old (2015)
I am 68 Years old and I will contribute the max to my HSA of $6650 for 2015. This year my company will pay $200 into my HSA. Does that mean I must contibute $6450 to reach the max?
I am 68 Years old and I will contribute the max to my HSA of $6650 for 2015. This year my company will pay $200 into my HSA. Does that mean I must contibute $6450 to reach the max?
Permalink Submitted by Alan - IRA critic on Tue, 2015-05-12 19:53
You can contribute an extra 1,000 for age 55+, so your family contribution limit is 7650 less the 200 = 7,450.
Permalink Submitted by William Tuttle on Thu, 2015-05-14 00:25
Your spouse is also an elegible insividual. If the spouse is 55+, they can open their own HSA and contribute their own catchup contribution. This is true even if they are 55+ and you are not.Spouses can allocate the family contribution in whatever manner they decide. However, any catchup contributions must be to their own account.Only your contributions can be made by payroll deduction (FICA free). So the best choice is for you to maximize your contributions thru payroll deduction.
Permalink Submitted by [email protected] on Fri, 2015-05-15 14:24
bill_tuttle, are you saying that a non-working spouse can open his/her own HSA account based on the other spouse’s eligibility to have an HSA plan? I had never heard that. Can you provide resource for further reading? -m
Permalink Submitted by William Tuttle on Sat, 2015-05-16 02:27
Rules for married people. If either spouse has family HDHP coverage, both spouses are treated as having family HDHP coverage. If each spouse has family coverage under a separate plan, the contribution limit for 2014 is $6,550. You must reduce the limit on contributions, before taking into account any additional contributions, by the amount contributed to both spouses’ Archer MSAs. After that reduction, the contribution limit is split equally between the spouses unless you agree on a different division. The rules for married people apply only if both spouses are eligible individuals (not otherwise having disqualifiying coverage).
Permalink Submitted by [email protected] on Mon, 2015-05-18 13:37
ok, so they can both have an HSA account, but must not contribute more than the annual limit for the famiily, which can be contributed to one HSA plan. I guess the only reason to have two would be to fund the over 55 catch up. I read where that has to be put into an individual’s HSA account. thanks, -m