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HSA Contribution Limit Question
Posted on 12/7/20 at 1:46 pm
Posted on 12/7/20 at 1:46 pm
I have what I think should be a simple question, but I'm having problems finding a straight-forward answer online. My fiancee and I are getting married before 2021. Each of our employers pays a significant % of employee's health insurance, but little to none for dependents. It seems to make sense for us (young, healthy, and not planning on having children this year) to stay on our own health insurance as opposed to merging into a family plan and paying much higher deductibles. But her employer doesn't offer an HSA. I really want to be able to max out my HSA at $7200 instead of $3600. Can I do this, or do I have to be enrolled in a "family insurance plan" to benefit from the family HSA contribution max?
This post was edited on 12/7/20 at 1:47 pm
2
Posted on 12/7/20 at 2:19 pm to LSUtiger17
You have to be enrolled in family insurance plan for higher contribution limit.
If her insurance plan is a HDHP, she can do $3600 in her own HSA. Thus your $3600 and her 3600 would be equal to the family limit... just separate HSA accounts
If her insurance plan is a HDHP, she can do $3600 in her own HSA. Thus your $3600 and her 3600 would be equal to the family limit... just separate HSA accounts
Posted on 12/7/20 at 2:22 pm to nineteeneighty
I saw her employer doesn’t offer HSA. She can open one at fidelity if she is in a HIgh deductible health plan
quote:
For 2020, the IRS defines a high deductible health plan as any plan with a deductible of at least $1,400 for an individual or $2,800 for a family.
This post was edited on 12/7/20 at 2:25 pm
Posted on 12/7/20 at 4:10 pm to nineteeneighty
quote:
I saw her employer doesn’t offer HSA. She can open one at fidelity if she is in a HIgh deductible health plan
Got it--she should be able to do that. I like the ease of adding pre-tax dollars auto-drafted from my paycheck, but we'll look into this.
This post was edited on 12/7/20 at 4:11 pm
Posted on 12/7/20 at 4:30 pm to LSUtiger17
As he stated, the plan her company offers has to be a high deductible health plan. Maybe they do, but I personally haven't experienced an employer who offers a HDHP without providing a corresponding HSA plan.
This post was edited on 12/7/20 at 4:33 pm
Posted on 12/7/20 at 4:51 pm to Teddy Ruxpin
My wife’s company offers a HDJP without a corresponding HSA. She was free to choose wherever she wanted to open one. Started with HSA bank then eventually moved it to Fidelity. Might be rare but it does happen.
Posted on 12/7/20 at 5:32 pm to LSUtiger17
Not weighing in on whether you two can mix funds under separate plans or not, but if you’re considering a non-employer-sponsored HSA, consider Lively. It’s free, and they allow you to invest every penny through TD Ameritrade.
Posted on 12/7/20 at 5:58 pm to LSUtiger17
I hear that. You would just let your tax preparer know about her HSA contributions so he can deduct them. This is what I do. I am a fan of Fidelity’s HSA: no cash requirement and commission free etf and stock trades.
Posted on 12/7/20 at 6:19 pm to PillPusher
Ya I figured it was rare.
Also, in case anyone cares, Fidelity does appear to be the current leader in HSA administration regarding fees and options. At least to the Bogleheads.
Even if your employer offers a HSA administrator you don't have to use them but that may be too burdensome for some.
Also, in case anyone cares, Fidelity does appear to be the current leader in HSA administration regarding fees and options. At least to the Bogleheads.
Even if your employer offers a HSA administrator you don't have to use them but that may be too burdensome for some.
This post was edited on 12/7/20 at 6:21 pm
Posted on 12/8/20 at 6:33 am to Teddy Ruxpin
quote:
Even if your employer offers a HSA administrator you don't have to use them but that may be too burdensome for some.
It would be especially burdensome if the employer contributes to your HSA.
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