Can a Military Spouse Have an HSA Through Other Insurance?

Are you a military spouse wondering if you can have a Health Savings Account (HSA) through other insurance? The answer is both yes and no, depending on the circumstances. Let's dive into the details to help you understand how an HSA works for military spouses.

For military spouses covered under the Tricare program, which is the healthcare program for uniformed service members and their families, there are some limitations when it comes to having an HSA through other insurance:

• Tricare does not offer an HSA-qualified high-deductible health plan (HDHP). This means that if you are solely covered under Tricare, you cannot open an HSA.
• If you have other health insurance coverage outside of Tricare that is an HSA-qualified HDHP, then you may be eligible to open and contribute to an HSA.

It's important to note that even if you are eligible to have an HSA through other insurance, there are some factors to consider:

• Contributions to an HSA are subject to annual limits set by the IRS.
• You must not be claimed as a dependent on someone else's tax return if you want to have your own HSA.
• Using HSA funds for non-qualified medical expenses may result in penalties.

So, in summary, yes, a military spouse can have an HSA through other insurance if they have an HSA-qualified HDHP outside of Tricare coverage. However, it's essential to understand the rules and limitations to make the most of this healthcare savings option.

If you're a military spouse wondering about the possibility of opening a Health Savings Account (HSA) through other insurance, you're certainly not alone! While the answer is complex, it's crucial to grasp how HSAs function if you're covered under Tricare and have other health plans available.