Can a Husband and Wife Have One HSA and Deposit the Maximum Contribution Amount?

Health Savings Accounts (HSAs) provide individuals and families with a tax-advantaged way to save for medical expenses. One common question that arises is whether a husband and wife can have a single HSA account and contribute the maximum allowed amount.

As per the IRS rules, a married couple can have one HSA account together, but each spouse must be at least 55 years old to make catch-up contributions if they wish to.

When it comes to contributing the maximum amount, the total contribution limits for a shared HSA account are as follows:

• For 2021, the maximum contribution for a family is $7,200, with an additional $1,000 catch-up contribution for each spouse who is 55 or older.

It's important to note that the HSA contribution limits are subject to change each year, so it's advisable to stay updated on the current limits.

Health Savings Accounts (HSAs) are a fantastic way for couples to manage their healthcare expenses efficiently. One frequent query is whether both a husband and wife can co-own a single HSA and still make the maximum contributions allowed by the IRS.