HSA Question?

Question

Hi,
I am currently in a High deductible HSA plan of my company. I have added by son also to my policy so I am considered family for the purpose of contribution, so I am allowed to put in $5700/year. My wife has her own policy from her employer. The question is this. My wife's employer is also now offering an HSA plan and is also going to contibute to her plan. In this context, can she also establish a HSA account in addition to the one I have. If so what would be her limit for the year. Will we as a family have a total limit of $5700 or will it be $5700 for me and $2850 for her.

Can anyone confirm.

Thanks

Answer 1

"IRS Announces 2008 HSA/HDHP Limits

Annual HSA Contribution Limit:
Self-only: $2,900
Family: $5,800

For 2008, the limit on HSA contributions for an individual with self-only coverage under an HDHP is $2,900, up from $2,850 in 2007. The 2008 annual contribution limit for an individual
with family HDHP coverage is $5,800, up from $5,650 in 2007." http://www.groom.com/IRSAnnounces2008HSA-HDHPLimits.html

Contact information for the IRS so you can double check: http://www.irs.gov/help/article/0,,id=96730,00.html

Answer 2

For 2007... a family can make a combined max contribution of $5,650. However, you can make catch up contributions if you are over 55.. for 2007 that would be an extra $800 for each spouse that is over 55.... but you must open two separate HSA accounts in order for both of you to make the catch up contribution