Many systems involve the coupled nonlinear evolution of slow and fast components, where, for example, the fast waves might be acoustic (sound) waves with a small Mach number or inertio-gravity waves with small Froude and Rossby numbers. In the past, for some such systems, an interesting property has been shown: the slow component actually evolves independently of the fast waves, in a singular limit of fast wave oscillations. Here, a fast-wave averaging framework is developed for a moist Boussinesq system with additional complexity beyond past cases, now including phase changes between water vapor and liquid water. The main question is: Do phase changes induce coupling between the slow component and fast waves? Or does the slow component evolve independently, according to moist quasi-geostrophic equations? Compared to the dry dynamics, a substantial challenge is that the method needs to be adapted to a piecewise operator with variable coefficients, due to phase changes. A formal asymptotic analysis is presented here. For purely saturated flow without phase changes, it is shown that precipitation does not induce coupling, and the slow modes evolve independently. With phase changes present, the limiting equations show that phase boundaries could possibly induce coupling between the slow modes and fast waves.