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To HSA or not to HSA

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  • IlliniGopher IlliniGopher 
    Participant
    Status: Physician
    Posts: 104
    Joined: 05/03/2017

    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.

    "Comparison is the thief of joy." - Teddy Roosevelt

    #122798 Reply
    Side Hustle Scrubs Side Hustle Scrubs 
    Participant
    Status: Physician
    Posts: 366
    Joined: 04/12/2018

    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.

    See hustle. Do hustle. Teach hustle.
    SideHustleScrubs.com

    #122800 Reply
    Liked by ITEngineer
    Avatar adventure 
    Participant
    Status: Spouse
    Posts: 1183
    Joined: 10/24/2016

    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.

    #122805 Reply
    Avatar spiritrider 
    Participant
    Status: Small Business Owner
    Posts: 1903
    Joined: 02/01/2016

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

    #122818 Reply
    Rogue Dad, M.D. Rogue Dad, M.D. 
    Participant
    Status: Physician
    Posts: 975
    Joined: 03/07/2016

    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.

    http://www.RogueDadMD.com

    An alt-brown look at medicine, money, faith, and family

    #122894 Reply
    Avatar tex 
    Participant
    Status: Physician
    Posts: 140
    Joined: 01/11/2016

    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.

    #122983 Reply

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