NotSoFair
Established Member
Joined: Dec 26, 2010 22:02:59 GMT -5
Posts: 426
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Post by NotSoFair on Feb 10, 2013 18:20:45 GMT -5
I've opted for a high deductible health insurance plan at work and an HSA. Current insurance coverage is self + children. I read the publication about contribution limits, but it covers only either 'single' or 'family'. Which category would I be in? I assumed it would be 'family', but I want to make sure to avoid over-contributing.
Thank you.
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mwcpa
Senior Member
Joined: Jan 7, 2011 6:35:43 GMT -5
Posts: 2,425
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Post by mwcpa on Feb 11, 2013 6:36:57 GMT -5
you are family... from IRS (publication 969) " Rules for married people. If either spouse has family HDHP coverage, both spouses are treated as having family HDHP coverage. If each spouse has family coverage under a separate plan, the contribution limit for 2012 is $6,250. You must reduce the limit on contributions, before taking into account any additional contributions, by the amount contributed to both spouse's Archer MSAs. After that reduction, the contribution limit is split equally between the spouses unless you agree on a different division." "An eligible individual and his dependent child are covered under an “ employee plus one” HDHP offered by the individual's employer. This is family HDHP coverage." Further... " Other health coverage. You (and your spouse, if you have family coverage) generally cannot have any other health coverage that is not an HDHP. However, you can still be an eligible individual even if your spouse has non-HDHP coverage provided you are not covered by that plan."
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NotSoFair
Established Member
Joined: Dec 26, 2010 22:02:59 GMT -5
Posts: 426
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Post by NotSoFair on Feb 11, 2013 9:32:48 GMT -5
This is the part I wasn't sure about. Thanks a lot.
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