Can HSA (Health Savings Account) be used for spouse’s medical expenses?
larey asked:
My husband has way more money in his HSA account than is in mine and we are currently paying off (in advance) the costs of the birth of our child in August. It would be really convenient if we could use both of our accounts to pay on this since mine will be about $700 short of the total bill. Thanks in advance!
Lemuel Sangha
My husband has way more money in his HSA account than is in mine and we are currently paying off (in advance) the costs of the birth of our child in August. It would be really convenient if we could use both of our accounts to pay on this since mine will be about $700 short of the total bill. Thanks in advance!
Lemuel Sangha
Larey,
Congratulations on the new Baby!
It sounds like you are married and that both of you have HSA accounts. The money can thus be used for either of you and any dependents that you have or will have!
Good luck with the new arrival!
Jeff
Seattle, WA
P.S. OK, something came to mind over the last day. I might consider moving your money from your HSA bank to his (or the other way around depending on your situation.) I don’t know how you are set up right now, but taking my HSA bank account, once I hit a certain amount in the account ($2,500 I think) the $2.50 monthly fee goes away. On top of that, the higher the amount in the account, the higher interest rate percentage I receive. Within a week, I will have gotten to the 3.50 percent rate!
So, if the two of you can pool your money together (up to $5,800 this year) you might get into better rates and fewer rates. If you HSA bank does not work for you, you can transfer it also into a better one. It’s like an IRA – as long as you transfer from one qualified HSA bank to another, then there is no penalty. (But you might have a small closing fee and opening fee.)