Ask Kim

Kiplinger

Can Your Adult Child Contribute to a Health Savings Account?

Kiplinger.com

[Question]My son is 22 and works full-time, but he's still covered by our family health insurance policy. Can he contribute to a health savings account? - M.B., Woodstock, Conn.

See Also: FAQs About Health Savings Accounts

[Answer]As long as he is covered by a high-deductible, HSA-eligible health insurance policy and can't be claimed as a dependent on anyone's tax return, he can contribute to an HSA. And because he's covered by your family policy, a loophole in the law lets him contribute up to $6,900 to the plan in 2018. You and a spouse can also contribute up to a combined $6,900 plus up to $1,000 each if you're 55 or older.

EDITOR'S PICKS

Copyright 2017 The Kiplinger Washington Editors

More from Kiplinger.com

See more stories in this category

Back to Previous Page

Ask Kim

6 Questions Retirees Are Asking About Required...

Readers had a lot of follow-up questions about their own situations after reading my columns about...

5 Ways Roth IRAs Help Retirees

[QUESTION]Which type of IRA -- a Roth or traditional one that allows me to deduct my contributions up...

Make Sure You Have Proof to Support Your...

[QUESTION]What records do I need to keep or receive from a charity to deduct my contributions when I...

New Tax Law Offers Added Incentive to Make...

[QUESTION]I heard that the new tax law changed some of the rules pertaining to charitable giving. Can...

12 Smart Financial Moves for the New Year

January is the perfect time to make a few key financial moves that can help you throughout the year...

Next Page >
Provided by Kiplinger