It’s open enrollment time here at the company and I was wondering if anyone is familiar with the HSA contribution limits.
Mainly, my spouse and I each are eligible for an individual HSA. However the combined maximum of 2 individual accounts is more than the family limit. My question: is our combined max the family limit or the combo of 2 individual limits? My benefits HR person said it’s the individual limits, but I’m skeptical.
I don’t know, but I’m guessing your HR person is right, because I think it’s based on the plan. So if you’re foregoing family coverage, they’re two separate individual plans, so two separate limits. That said, if one of you gets a family plan, I think you wouldn’t be able to contribute to both HSAs.
But I’m not a tax expert. The difference is $50, so if you’re wrong, the penalty would be pretty small.
It’s open enrollment time here at the company and I was wondering if anyone is familiar with the HSA contribution limits.
Mainly, my spouse and I each are eligible for an individual HSA. However the combined maximum of 2 individual accounts is more than the family limit. My question: is our combined max the family limit or the combo of 2 individual limits? My benefits HR person said it’s the individual limits, but I’m skeptical.
I don’t know, but I’m guessing your HR person is right, because I think it’s based on the plan. So if you’re foregoing family coverage, they’re two separate individual plans, so two separate limits. That said, if one of you gets a family plan, I think you wouldn’t be able to contribute to both HSAs.
But I’m not a tax expert. The difference is $50, so if you’re wrong, the penalty would be pretty small.