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Posts Tagged ‘Medicare’

Who is eligible to open and contribute to an HSA?


Posted on August 11th, 2009 by WPJ

To open or contribute to an HSA you must meet certain eligibility requirements. Specifically:

You must be covered by a qualified high deductible health plan on the first day of the month
You cannot be covered by any other health plan that is not a qualified high deductible health plan, including spouse’s health insurance
You cannot be covered [...]

May someone age 65 or older contribute to an HSA?


Posted on December 12th, 2008 by WPJ

In Administrative, Procedural, and Miscellaneous Notice 2004-50, the IRS addresses this question. See Questions 2 and 4, excerpted below:
 Q-2. May an otherwise eligible individual who is eligible for Medicare, but not enrolled in Medicare Part A or Part B, contribute to an HSA?
 A-2. Yes. Section 223(b)(7) states that an individual ceases to be an eligible individual [...]

My spouse is covered by Medicare and our family HDHP – what are my contribution limits?


Posted on November 19th, 2008 by WPJ

The account holder in this scenario has family coverage and is therefore eligible to contribute the family limit . They may also contribute the catch-up amount, if he or she is age 55.
The spouse is an “ineligible individual” in the eyes of the IRS. The IRS allows married couples to assign the tax deduction to each spouse [...]