Comments on: Health Savings Accounts–One Account or Two? http://askcolleenking.com/2008/11/health-savings-accounts-one-account-or-two/ All the questions you've had about health insurance, life insurance, annuities and long term care insurance (but were afraid to ask) Tue, 27 Mar 2012 02:57:45 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Colleen http://askcolleenking.com/2008/11/health-savings-accounts-one-account-or-two/comment-page-1/#comment-119 Colleen Tue, 18 Jan 2011 21:42:54 +0000 http://askcolleenking.com/?p=115#comment-119 Honestly, as you hear stories about waste and government bloat, it kills me of another 16,000 people being put into government jobs, cubical space, benefits, buildings to house them. I know there have to be some really good employees out there, but man, I think the cost will be astronomical. Honestly, as you hear stories about waste and government bloat, it kills me of another 16,000 people being put into government jobs, cubical space, benefits, buildings to house them. I know there have to be some really good employees out there, but man, I think the cost will be astronomical.

]]> By: Colleen http://askcolleenking.com/2008/11/health-savings-accounts-one-account-or-two/comment-page-1/#comment-114 Colleen Tue, 06 Apr 2010 13:37:42 +0000 http://askcolleenking.com/?p=115#comment-114 HI Keith, Thanks for your question, sorry to be slow in responding--busy times! I would consult your tax person for the best way to handle this. I've always been told that an HSA is held in one person's name, so you and your wife theoretically couldn't be named on one account. Another thing to consider is your age. If you are over 55, and have separate accounts, you could EACH have a $1000 'make up' contribution on top of what is normally allowed. Something else to look at, depending on how much you want to put away, is if you have two accounts, your account could hold up to the allowed amount for an individual ($3050 in 2010) and your wife's account up to the family max ($6150 for 2010). As far as distributions, keep all receipts that you use HSA money for as you can potentially be audited at any time. That right there should answer the 'who was it spent on' issue. So I'm not sure if I answered this sufficiently, but I hope it's a start. There are so may things to consider, I'd definitely talk to your tax person. HI Keith,

Thanks for your question, sorry to be slow in responding–busy times!
I would consult your tax person for the best way to handle this. I’ve always been told that an HSA is held in one person’s name, so you and your wife theoretically couldn’t be named on one account. Another thing to consider is your age. If you are over 55, and have separate accounts, you could EACH have a $1000 ‘make up’ contribution on top of what is normally allowed.

Something else to look at, depending on how much you want to put away, is if you have two accounts, your account could hold up to the allowed amount for an individual ($3050 in 2010) and your wife’s account up to the family max ($6150 for 2010). As far as distributions, keep all receipts that you use HSA money for as you can potentially be audited at any time. That right there should answer the ‘who was it spent on’ issue.

So I’m not sure if I answered this sufficiently, but I hope it’s a start. There are so may things to consider, I’d definitely talk to your tax person.

]]> By: Keith Riley http://askcolleenking.com/2008/11/health-savings-accounts-one-account-or-two/comment-page-1/#comment-113 Keith Riley Wed, 24 Mar 2010 23:50:03 +0000 http://askcolleenking.com/?p=115#comment-113 Colleen, My wife and I have separate HSA eligible health plans. Mine covers only me, while hers covers her and the kids. I was about to open two separate HSA savings accounts but the banker said we could share an account. If we share an account, can we spend the money unequally across all the family members, regardless of who's plan they were covered under? Also, when it comes to filing taxes, it would be easy enough to separate the contributions (form 8889), but what about the distributions? Would I need to track them by who they were spent on? or is one big bucket once it's contributed? I hope this is clear. Thank-you for your help! Keith Colleen,
My wife and I have separate HSA eligible health plans. Mine covers only me, while hers covers her and the kids. I was about to open two separate HSA savings accounts but the banker said we could share an account. If we share an account, can we spend the money unequally across all the family members, regardless of who’s plan they were covered under?
Also, when it comes to filing taxes, it would be easy enough to separate the contributions (form 8889), but what about the distributions? Would I need to track them by who they were spent on? or is one big bucket once it’s contributed?
I hope this is clear.

Thank-you for your help!

Keith

]]> By: Colleen http://askcolleenking.com/2008/11/health-savings-accounts-one-account-or-two/comment-page-1/#comment-49 Colleen Thu, 05 Feb 2009 00:54:05 +0000 http://askcolleenking.com/?p=115#comment-49 H Katy, This has been kicked around and it's a little difficult to get clarity in the IRS publications, at least the last time I looked. Generally it is one family plan, one HSA and it has to be noted that the account can only have a single name on it; it can't be a joint account, but it can be used by all members. That is probably going to be another area where there will be changes over time, as each year something is modified. These are still relatively new having only been around since 2004. Thanks for your note! H Katy,

This has been kicked around and it’s a little difficult to get clarity in the IRS publications, at least the last time I looked. Generally it is one family plan, one HSA and it has to be noted that the account can only have a single name on it; it can’t be a joint account, but it can be used by all members.

That is probably going to be another area where there will be changes over time, as each year something is modified. These are still relatively new having only been around since 2004.

Thanks for your note!

]]> By: katy votava http://askcolleenking.com/2008/11/health-savings-accounts-one-account-or-two/comment-page-1/#comment-47 katy votava Thu, 29 Jan 2009 20:03:29 +0000 http://askcolleenking.com/?p=115#comment-47 I thought that the policy holder had to have the HSA and so if you have a family HDHP, you could only have 1 HSA with the family deductible level. Not true? I thought that the policy holder had to have the HSA and so if you have a family HDHP, you could only have 1 HSA with the family deductible level. Not true?

]]> By: One HSA or two? | Health Savings Account News and Information Blog http://askcolleenking.com/2008/11/health-savings-accounts-one-account-or-two/comment-page-1/#comment-25 One HSA or two? | Health Savings Account News and Information Blog Mon, 17 Nov 2008 16:43:06 +0000 http://askcolleenking.com/?p=115#comment-25 [...] King covers the question of whether married couples should open one Health Savings Account or two. the question I want to address in this article is one aspect of setting up the actual HSA. When a [...] [...] King covers the question of whether married couples should open one Health Savings Account or two. the question I want to address in this article is one aspect of setting up the actual HSA. When a [...]

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