Here is a unique question regarding my Health Savings Account that I could use some opinions on.
I currently have a Health Savings Account for 2016 as an individual and will be maxing out my contribution this year. My wife is currently utilizing a different health insurance plan through her employer which does not qualify for an HSA. The reason we did this is because we were expecting to become pregnant during the year and wanted to have a more comprehensive medical plan for her delivery.
Things went according to plan and we are expecting in mid-November. Since the birth of our child will qualify as a "major life event" and allow me to make changes to my current plan, I was thinking of switching my plan from an individual to a family for the 4-6 weeks left in 2015. My hope is this would allow me to then contribute an additional $3400 ($6750-$3350) for the year. Is this possible or do I need to be on the family plan for the entirety of 2016? I'll of course need to reevaluate for 2017 but was curious about my options for 2016.
Thanks for the help.
I currently have a Health Savings Account for 2016 as an individual and will be maxing out my contribution this year. My wife is currently utilizing a different health insurance plan through her employer which does not qualify for an HSA. The reason we did this is because we were expecting to become pregnant during the year and wanted to have a more comprehensive medical plan for her delivery.
Things went according to plan and we are expecting in mid-November. Since the birth of our child will qualify as a "major life event" and allow me to make changes to my current plan, I was thinking of switching my plan from an individual to a family for the 4-6 weeks left in 2015. My hope is this would allow me to then contribute an additional $3400 ($6750-$3350) for the year. Is this possible or do I need to be on the family plan for the entirety of 2016? I'll of course need to reevaluate for 2017 but was curious about my options for 2016.
Thanks for the help.
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