The Prescott Household · 2026 HSA Action Plan · October 2026
Two HSAs for 2026, opened this month.
Your plan calls for a health savings account for each of you this year. Neither is open yet, and medical bills from before an account opens can never be reimbursed from it. Here is the split, where the money comes from, and who does what.
Every month you wait is a month of bills the HSA can't cover
You have until April 15, 2027 to make your 2026 contributions, so the deposit itself can wait. The accounts can't. An HSA can only reimburse medical costs incurred after the account is established, so the bills you have paid since January stay out of reach.
Once each account is open, every eligible bill from that day on can be reimbursed, this year or decades from now, as long as you keep the receipt.
One family limit, two catch-ups
Your family plan allows $8,750 for 2026, shared between the two of you however you like. Because you are both 55 or older, each of you can add $1,000 on top. The catch-up is personal: it can only go into that spouse's own HSA. So Laura needs her own account even though the family amount sits with Michael.
We put the full family amount in Michael's account to keep the paperwork to one larger account and one small one. You can split it differently if you prefer; the total stays $10,750.
You both qualify for all of 2026
An HSA needs a qualifying high-deductible health plan and no other coverage that pays first. We checked each requirement against your records.
- ✓Family high-deductible plan through Laura's employer, in force since January 1Benefits enrollment
- ✓$4,000 family deductible, above the $3,400 minimum; out-of-pocket maximum under $17,000Summary of benefits
- ✓Neither of you is enrolled in MedicareAges 58 and 56
- ✓No other health coverage and no employer HSA contributions to count against the limitBenefits enrollment
- ✓Both 55 or older by December 31, so both catch-ups applyBirth years
From joint savings, with your reserve intact
Your joint savings holds more than the six-month reserve your plan sets aside. Moving $10,750 leaves the reserve whole and puts the rest to work with a tax deduction now and tax-free withdrawals for medical costs later.
Who does what, and by when
- Open Michael's HSAAlistair sends the opening packet; Michael signsMichael, AlistairOct 30
- Open Laura's HSASame provider, her own account for the catch-upLaura, AlistairOct 30
- Approve the $10,750 transfer from joint savingsMoves to your checking account to fund both HSAsMichaelNov 6
- Fund $9,750 to Michael's HSA, coded 2026Alistair sets up the contribution form; Michael confirmsMichael, AlistairNov 6
- Fund $1,000 to Laura's HSA, coded 2026Her catch-up can only go into her own accountLaura, AlistairNov 6
- Keep every medical receipt from the day each account opensReimburse now, or let the account grow and reimburse laterMichael, LauraOngoing
- Send your accountant both contributions for two Forms 8889One for each of you, filed with the 2026 returnAlistairFeb 2027
A few things for later
Invest what you won't spend. Most HSA providers let the balance above a small cash cushion be invested. Since your reserve covers near-term bills, most of it can be.
Next year. We'll update the split for the 2027 limits in January and fund early in the year, so the accounts have the whole year to grow.
Medicare ends new contributions. When either of you enrolls in Medicare, that spouse's contributions stop. We'll plan the last year with you, since Medicare coverage can start up to six months before you apply.
If coverage changes. If Laura changes jobs or plans, the limit for the year can change. Tell us before you contribute, and we'll adjust.
Confidential, prepared for Michael and Laura Prescott. Prepared October 2026. Contribution limits are the 2026 figures published by the IRS. Tax savings are estimates at your federal bracket and depend on your full return; state treatment varies. This is not tax advice; please confirm with your accountant.
This sample interaction is a derivative of a real advisor’s working session in Helmsted, fully de-identified to protect privacy: the household and the firm are fictitious, and figures and identifying details have been altered. Michael and Laura Prescott and Caldermont Private Wealth are fictitious.
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