QUESTION
Are HSA Accounts protected against law suits
Asked on Jun 26th, 2017 on Debtor and Creditor - New York
More details to this question:
I am in a law suit with a bonding company regarding a General Indemnity Agreement. Both my company , myself and my wife are co-signees on this matter. My wife has a Health Savings Account from her work. Are my wife's HSA and salary safe from law suits. Please advise.
1 ANSWER
Civil Rights Law Attorney serving Rockville Centre, NY
Partner at
Lori Nevias, Attorney at Law
1 Award
Your wife's HSA is likely exempt from garnishment, but her salary may not be. If your wife's HSA (Health Savings Account) was set up under the Federal ERISA (Employee Retirement Income Security Act) statute, it is exempt from garnishment by judgment creditors. As far as your wife's salary, between 10 and 25 percent of it is likely subject to garnishment, depending upon her salary, unless it is very low, in which case it would be exempt from garnishment.
Answered on Jun 26th, 2017 at 2:54 PM