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re: Can I use my HSA account to pay my wife and. daughter's medical expenses?
Posted on 1/2/19 at 2:28 pm to castorinho
Posted on 1/2/19 at 2:28 pm to castorinho
quote:
You can use your own checking and enjoy that free growth and pay yourself back years down the road
Hmm. Can I use it to pay medical expenses that occurred before the hsa was set up?
2
Posted on 1/2/19 at 3:41 pm to LSU6262
quote:
Can I use it to pay medical expenses that occurred before the hsa was set up?
No.
Posted on 1/2/19 at 6:36 pm to foshizzle
quote:
Can I use my HSA account to pay my wife and. daughter's medical expenses?
I suspect the answer is "no", for the following reasons:
1. An HSA is owned by the individual, much like an IRA. This implies money can be withdrawn for that individual's needs and not for someone else's.
2. As you noted, they're on their own insurance. My guess is that is it not the HDHP sort that is required for an HSA.
That said, I'm not a real expert on this topic so you may want to do some research.
Wrong. Yes you can. Check the IRS guidelines for what can and can’t be used as HSA expenses.
Posted on 1/3/19 at 11:48 am to LSU6262
quote:
Hmm. Can I use it to pay medical expenses that occurred before the hsa was set up?
No, what you want to do is not use HSA unless you have to, treat it like another retirement vehicle like a Roth IRA....What you do want to do is save every medical receipt forever from the start of the HSA... If you ever need to cash out the HSA, as long as you have the receipts you can do it anytime for any years past up to the point you started the HSA.... I'd also recommend rolling it over to hsabank.com so you can get real investments in it... I've tripled mine over the last 7 years...
This post was edited on 1/3/19 at 9:56 pm
Posted on 1/4/19 at 1:14 pm to BayouBlue
quote:
The technical answer is ‘No’, you cannot use the HSA for anyone not on the HDHP. However, it’s all on the honor system
This is not true.
My wife and I each have our own separate private health insurance from two different insurance companies. You can use your HSA for your wife and child. I called my HSA and had them place my wife and my child on my HSA account. They sent me another card which my wife carries and signs for when she uses it. My wife also has an HSA account, different company, that I am on and I have a card for her HSA account too.
This post was edited on 1/4/19 at 1:27 pm
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