First, does the HSA belong to you? HSAs belong to an individual, like an IRA.
Second, what type of High Deductible Health Plan do you have? Is it a Family plan (as opposed to Self-only). I guess it must be if your spouse is also covered by it, but do confirm with your carrier.
The annual HSA contribution limit for someone who has Family coverage and who is 55+ for 2021 is $8,200. If your HDHP policy turns out to be Self-only, then the limit is $4,600.
However, if your spouse owns the HSA, the limit is zero. because of the Medicare. Yes, this means that if your spouse owns the HSA, you should immediately open your own HSA.
Thank you. Yes, it is my HSA and a family plan HDHP.
Got it that I can contribute the full $8,200 ($7,200 plus $1,000 catch-up).
You don't mention my wife but I am assuming because she has Medicare Part A that she is not eligible to contribute to her HSA for 2021. If my assumption is incorrect, please let me know.
Thanks again!!
Medicare is “other coverage” and disqualified your wife from making contributions even if she is also covered by your HDHP. However, her Medicare does not disqualify you.
You said, "You don't mention my wife but I am assuming because she has Medicare Part A that she is not eligible to contribute to her HSA for 2021."
I had previously said, "However, if your spouse owns the HSA, the limit is zero. because of the Medicare. "
So you are right that I did not mention your wife, but I did mention your spouse. 😉
Thank you again, for all your responses to my queries today.
What I meant by "you did not mention my wife/spouse" was that you did not contemplate the scenario where we both have HSA's. 🙂 But I got the key point which is that I can still contribute up to the family limit individually, plus my catch up and that my wife cannot contribute to hers at all. That is really what I wanted to know.
Thank you again, very helpful and much appreciated.