HSAs with nonresident daughter and wife about to get Social Security

Home Fairmark Forum Retirement Savings and Benefits HSAs with nonresident daughter and wife about to get Social Security

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    Tom Stewart
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    I hope that is a tax, not legal, question. My 23-year-old daughter just moved to NYC and her medical insurance is significantly more through her work than staying on my work plan. Meantime, my wife has turned 65 and wants to start Social Security (she has medical issues and doesn’t want to defer). I discovered that one has to sign up for Medicare Part A to get SS benefits but being on Medicare Part A disqualifies a family HSA (i.e. individual only). But if my daughter stays on our plan, can she be the “family?” to allow the larger HSA contribution limit? (For what it’s worth, my work insurer calls it employee/child coverage, which is cheaper than family coverage.)

    One more possibly relevant factor – I’ve been maxing out for years and am now to the point where I don’t use the HSA but am saving it for medical expenses after I retire.

    I appreciate any thoughts.

    Thanks,

    Tom

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