HSA Contributions - Over 55

[Guest SLSHAHAN]

I am looking for clarification on HSA contributions for people over the age of 55. In this case, the wife (employee) is 52 and the spouse is 63. They are enrolled in an HDHP through the wife's employer and have a family HSA account.

My question is: Can they contribute the additional catch-up monies for the spouse even though the account is through the wife's employer and she is only 52? Their family maximum deductible is $2,000 - can they contribute catch-up funds since the spouse is 63? In this case, since they have an active HSA account effective January 1, 2005, if I am understanding what I am reading, they could contribute $2,000 (for the deductible) plus another $600 for catch-up on the spouse?!?

If they were both 55 or older, would that mean they could contribute an additional $600 for the wife as well, so a total of $1,200 in catch-up and $2,000 for the deductible?

Let me know your thoughts!

Thanks!

[Gary Lesser]

Yes, $2000 + $600 (or $2,000 + $1,200 if both age 55 by CYE).

[Guest Speedbuggy]

We have been also been researching this issue of the "catch-up" contribution and referenced the FAQs on the US Treasury web site, under "Contributing to your HSA". According to that information, in this situation the only way both spouses can contribute the "catch-up" $600 is if they both open an HSA account in their own name. Only the holder of the account can contribute their $600, the spouse would need to open their own HSA account in their name to contribute their $600.

Just another viewpoint I guess.

[Gary Lesser]

You are absolutely correct. The $2,000 can be divided as they choose, but the $600 catch-up contributions (if both 55+) must go into seperate HSAs. I was only looking at this as an aggegate math issue--sorry.