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To HSA or not to HSA

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  • To HSA or not to HSA

    My wife and I are both docs at the same large corporation.  I currently have my health insurance as an HSA, maxing it out.  I never utilize any healthcare or meds.

    My wife and 14 month old also have minimal healthcare needs.  Aside from well child checks, follow-up for hip dysplasia (daughter); neither is on meds and has anticipated medical needs.  My wife has her own healthcare plan that is a lower deductible, higher coverage plan (that my daughter is also on).  She is dropping her FTE status at the start of next year.

    My question is: should I have my wife change her plan to an HSA as well, assuming that any costs we do have will be minimal and at least we can save $6900 (total) in an HSA?  I think I would set aside money in a flex spending account as well to cover the cost of any deductibles.

  • #2
    You could put your daughter on your plan.  Even though it is just the 2 of you, it would still qualify for the family plan with the higher contribution limit.  If you are planning to have more kids your wife should stay on her low deductible plan so that prenatal testing and labor and delivery costs don't eat away at your HSA.

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    • #3
      Isn’t flex spending use it or lose it?? Seems risky for a healthy couple. This is the second year in 10? we’d have actually used the FSA.

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      • #4
        If either spouse has a general purpose FSA, both spouses are ineligible for an HSA.

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        • #5
          Also you can only have one HSA per family.  So even if you and your wife are both on HSA eligible plans, you aren't going to get to contribute more than the $6900 total limit per family.
          An alt-brown look at medicine, money, faith, & family
          www.RogueDadMD.com

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          • #6
            https://www.irs.gov/publications/p969

            Read this. Neither you nor your wife can have a FSA and you still contribute to HSA. By dropping FTE status, are you saying your wife will no longer be able to keep the low deductible plan?

            If she is staying on it, you can add her or your daughter or both to your plan and make up to family contribution. You would be paying for double coverage for them. Otherwise self-only contribution limit applies.

            If she cannot stay on it, I'm not sure what you're asking.

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