Can a Married Couple Have an HSA and FSA?

Many people may wonder, can a married couple have both a Health Savings Account (HSA) and a Flexible Spending Account (FSA)? The answer is yes, but with some limitations and considerations.

Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) are both popular options for saving money on healthcare expenses, but they have different rules and benefits.

Here are some key points to consider:

• Both spouses can have their own HSA if they each have a qualifying high-deductible health insurance plan.
• A married couple cannot both have separate FSAs, but they can have one FSA that covers both spouses and any eligible dependents.
• It's important to keep track of each account's contribution limits to avoid any tax penalties.
• HSAs are owned by the individual, so if one spouse has an HSA, the other can still be covered under a joint FSA.
• Consult with a healthcare provider or financial advisor to determine the best option for your specific situation.

Yes, married couples can definitely have both a Health Savings Account (HSA) and a Flexible Spending Account (FSA), but they need to be aware of specific rules governing these accounts.