Author Topic: Multiple HSAs in One Year for Family?  (Read 1105 times)

Big Sleep

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Multiple HSAs in One Year for Family?
« on: July 26, 2017, 12:14:09 PM »
My wife will be eligible for an HSA at the beginning of 2018.  Her company gives $660/annually paid on a biweekly basis, towards her max contribution.

Current situation, she's covered under my HDHP (family), so our max contribution is obviously $6,750/year for 2017, $6,900/year for 2018.  My company provides $1,000 to the HSA at the start of the year, and we max out the HSA for a $221.15/paycheck contribution.

My question is, are we allowed to start two HSAs, one through my wife's employer and one through mine, to take advantage of the $660 contribution? 

Example

Wife - $50/paycheck + $660 = $1,960
Me- $145.77/paycheck + $1,000 = $4,790

Total being the IRS limit.  I guess the question is twofold.  1) is this allowable? and 2) is it worth the extra work of setting this up?

charis

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Re: Multiple HSAs in One Year for Family?
« Reply #1 on: July 26, 2017, 01:03:05 PM »
We are considering this issue as well and it appears that you can open two HSAs and divide contributions between them up to the $6750 limit. 

My concern would be whether you could end up paying more out of pocket because there are two deductibles to meet (right?).  I suppose it's less of a concern if you expect to have low health care costs.  However, we expected to have low costs this year until we had an unexpected ER visit in early spring and some sick kid visits that put us over a while ago.

And yes, you'd probably have to pay two premiums unless the single HDHP is free (which I've seen occasionally). 

I just did a little research and it appears that the spouse with a single HDHP would have double coverage and his/her health costs should count toward both deductibles.  I have no idea if this occurs in practice.
« Last Edit: July 27, 2017, 09:14:47 AM by jezebel »