Can Your Adult Child Contribute to a Health Savings Account?

Even if your son is on your family's insurance policy, he may be eligible to contribute to a HSA.

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.

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.

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Kimberly Lankford
Contributing Editor, Kiplinger's Personal Finance

As the "Ask Kim" columnist for Kiplinger's Personal Finance, Lankford receives hundreds of personal finance questions from readers every month. She is the author of Rescue Your Financial Life (McGraw-Hill, 2003), The Insurance Maze: How You Can Save Money on Insurance -- and Still Get the Coverage You Need (Kaplan, 2006), Kiplinger's Ask Kim for Money Smart Solutions (Kaplan, 2007) and The Kiplinger/BBB Personal Finance Guide for Military Families. She is frequently featured as a financial expert on television and radio, including NBC's Today Show, CNN, CNBC and National Public Radio.