We had a high deductible medical insurance plan that covered both my wife and me, until 9/30/21. I turned 65 on 10/6/56, so left our medical policy that had the two of us on it, in favor of medicare.
From 10/1/21, my wife had her own high deductible medical insurance plan. Can she fund her own HSA for last three months of the year, so 25% of the normal allowable individual maximum, so $3600 x .25 = $900? She is 53 years old, can she also pay a catch up contribution, and if so, is that also prorated to 25% of the full year value of $1000, so $250?
Complication: On receiving incorrect advice early in 2021, I contributed what I would have been able to had I been eligible for 12 months. I have not yet asked the HSA custodian to refund this erroneous deposit. Am I correct, that the overpayment gets an additional tax of 6%? If so, might it be smart to just pay that and leave the money in the HSA? It gives many of the benefits of a Roth IRA, and in that light, it is a low cost for that benefit.
If I choose that strategy, does my over-contribution have an adverse effect on my wife's ability to start her own HSA and fund it for the last few months of 2021?
TIA, Mike
