How does enrollment in Medicare affect the individual's spouse?
If an individual’s spouse is not yet enrolled in Medicare, has HDHP coverage and meets the other HSA eligibility rules, he or she may contribute to an HSA opened in his or her own name. The individual who enrolled in Medicare is not allowed to transfer their HSA to their spouse’s name. However, since contributions to HSAs are tax-deductible and any person may contribute to another person’s HSA, the Medicare enrolled individual could contribute to the spouse’s HSA and the contribution would be an “above the line” tax-deduction for the spouse.
Introducing UMB HSA Saver
UMB HSA Saver is a unique investment platform designed with ease in mind. Account holders can easily research, buy and sell funds with a couple clicks.
HSA FAQ Resource
Find answers to your most common HSA questions in our comprehensive HSA FAQs section.