My husband has a HDHP through his employer which I am covered on, along with our 3 children. He has an HSA plan that he contributes to through his employer in the amount of $200 every two weeks or about $5200 a year. Through my job as a teacher, I am offered an HSA account as well. Can I contribute to it and if so, how much per year?
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1What coverage do you have or will you have though your job as a teacher. (family, individual, HDHP...)?– mhoran_psprepCommented Aug 11, 2019 at 17:37
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I have never taken health insurance or dental insurance through my employer. I have always been on my husband's health insurance plan, it has always just been easier that way because I only started teaching full-time 5 years ago. Before that any employer I worked for I never took their insurance because my husband's plan was always better than what I was being offered. It's the same with the plans offered through my district now.– BJ BileyCommented Aug 11, 2019 at 17:51
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Does your employer allow you to contribute to your HSA through payroll deductions, even if you don't take their health insurance?– TTTCommented Aug 12, 2019 at 16:23
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Would you have to enroll in the plan offering an HSA through your current employer to get the account? Would you be enrolling in your employer's plan as someone seeking individual coverage (yourself alone), or family coverage (yourself, plus your husband and/or any of your children)?– Upper_CaseCommented Aug 15, 2019 at 21:09
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1 Answer
Assuming neither of you are 55+ yet, you can contribute up to $7000 total to HSA accounts in 2019. Your husband can add more to his or you can open one and put in $1800. Which one to choose should depend on which has the better investment options for you.
While you can choose to pay for current medical expenses from the HSA, it is considered better to pay those out of pocket if able and use the HSA as a "super IRA" of sorts, reimbursing yourself for current medical expenses at some point in the future so you maximize the tax advantages and the investment's (hopeful) growth.
