How Much Can You Contribute to an Hsa in 2018
How much can families contribute to an HSA?
Q: I picked a high-deductible health insurance policy for 2022 that covers my whole family. How much can I contribute to an HSA in 2018? Tin can my married woman also contribute to an HSA, or am I the only one who tin can make the contribution because the HSA is through my work?
A: Because your HSA-eligible policy covers your family, you'll be able to contribute upwardly to $6,900 to an HSA in 2018. People with individual coverage can contribute upwards to $three,450 in 2018. If you or your spouse is 55 or older, you can each contribute an extra $1,000.
When y'all accept family coverage, you and your spouse can divide your $6,900 contribution however yous'd like. You can contribute the full $6,900 to your own HSA, or you and your wife tin can each contribute $iii,450 to your own accounts, or whatsoever variation that equals $vi,900. (If yous each had individual health insurance coverage rather than a family plan, you would each have a separate $iii,450 limit.)
HSAs are owned individually, not jointly, but you tin apply the money revenue enhancement-free for your own, your spouse'south and your dependents' medical expenses — regardless of which spouse's account you tap. Kevin Robertson, master revenue officer at HSA Banking concern, which administers such accounts, says that the most common scenario is for one spouse to contribute the full amount for family unit coverage to his or her ain account. That'southward because it's simple and most accounts are opened through an employer. Contributing to the HSA through your employer lets yous use payroll deductions to make pretax HSA contributions. That gives yous the added benefit of avoiding Social Security taxes on your contributions, in improver to allowing you to bypass income taxes on the money. Plus, your employer may match your contributions.
Your spouse volition need to open a split up HSA, still, if he or she is 55 or older and wants to make a $i,000 catch-up contribution, says Robertson. Under the current constabulary, each spouse can only make a catch-up contribution into his or her own account, although some of the health-reform proposals going through Congress earlier this year would have changed that rule.
Another interesting quirk of the HSA police force is the contribution limit for adult children covered by a family policy. Immature adults tin stay on their parents' policy until age 26. If they're covered by an HSA-eligible family policy and aren't revenue enhancement dependents (and don't take whatever other coverage that disqualifies them), they can contribute upward to $6,900 apiece to their own HSAs — in addition to the $6,900 that their parents can contribute. However, because the developed child is no longer a tax dependent, the parents can't use their HSA funds tax-free for the adult child's eligible medical expenses; the adult child would need to use his or her ain HSA funds for that, says Roy Ramthun, president of HSA Consulting Services. (Adult children who are covered past an individual policy, rather than their parents' family policy, can just contribute up to $iii,450 to their HSA for 2018.)
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Source: https://chicagohealthonline.com/much-can-families-contribute-hsa/
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