High Deductible HSA: Understanding Prescription Costs

[djvan]

You and your siblings may only use your parents HSA account if they claim you as dependents on their tax return. At 25 that is unlikely for you. As mentioned here, you could open up your own HSA, though the tax benefits of that aren't likely as good as if you were legally allowed to use the debit card attached to your parents account.

My parents claim me as a dependent. I lived with them for the majority of 2013.

 

[WMason]

My parents claim me as a dependent. I lived with them for the majority of 2013.

That would work for 2013 HSA distributions so long as you were under age 24 and a full-time student in 2013. But it won't work for 2014 distributions if you're now 25 even if you live at home and/or are still a full-time student. The only exception to that is if you're permanently and totally disabled.

 

[kgmom219]

And you need to start figuring out your post-25 plan. You are going to be on your own at age 26

 

[LGilmore]

Is there a reason you would still be on their taxes in 2014? That's what we're really worried about since they just switched into this HSA plan recently. Really won't help all that much for 2013.

You would be best served by opening up your own HSA account to pay from. An HSA account and a HSA health plan are two separate things. Many people sign up for HSA health plans and never open an account, or at least they did in the past. But currently a HSA health plan does not require you to purchase an HSA investment account from them, so you should open your own if you're going to file separate from your parents.