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<b><i>Practice Tip:</b></i> Health Savings Accounts As Assets in a Divorce
As health care options continue to evolve, there has been a proliferation of high-deductible plans with the most popular being a health savings accounts (HSA). This plan takes advantage of the unique tax rules created by the IRS to maximize pre-tax contributions and appreciation on investments made within the account.
An HSA is a hybrid savings and investment account allowing the participant to save money in a traditional savings account, as well as investment in money market accounts or mutual funds through the HSA's managing bank. IRS rules allow for participants to reduce their income through pre-tax contributions, while employer contributions are not considered taxable income to the participant. Interest and earnings on the contributions accumulate tax free and the funds do not expire unlike other flexible savings accounts. When the participant begins taking distributions, the distributions are also tax free, provided they are used for “qualified medical expenses,” which can cover a wide range of expenditures.
Perhaps as important as the tax ramifications is that these accounts survive any change of employment or change of medical plan. The plan, once opened, is an asset of the participant, though continued participation in a high-deductible plan is required to continue making contributions. The 2014 annual contribution limit for a family plan is $6,550.00, even if both spouses maintain their own separate HSAs. The survivability of the plan also means that these accounts can be divided between spouses and have the potential for post-separation appreciation on the accounts.
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