Can Both Husband and Wife Do Catch-Up Contribution for HSA?

Health Savings Accounts (HSAs) are a valuable tool for saving money on healthcare expenses while enjoying tax advantages. One common question that arises for couples is whether both spouses can make catch-up contributions to their HSA. The answer is yes, both husband and wife can do catch-up contributions for HSA, assuming they meet the eligibility criteria.

Here are some key points to consider:

• Catch-up contributions are allowed for individuals who are 55 years of age or older at any time during the tax year.
• If both spouses are 55 or older and each has their own HSA account, they can each contribute the catch-up amount to their respective accounts.
• For the year 2022, the catch-up contribution limit is $1,000 for individuals aged 55 or older.
• Both spouses must meet the HSA eligibility requirements, including being covered by a high-deductible health plan (HDHP) and not being enrolled in Medicare.
• Contributions can be made throughout the year and up to the tax filing deadline, typically April 15 of the following year.

By both spouses making catch-up contributions to their HSAs, they can maximize their savings potential and take advantage of the tax benefits offered by these accounts. It's important to consult with a financial advisor or tax professional to ensure compliance with HSA rules and regulations.

Health Savings Accounts (HSAs) are essential for couples looking to save on healthcare costs while also reaping substantial tax benefits. A question that often comes up is whether both partners can contribute catch-up funds to their HSAs. The answer is a resounding yes! If both husband and wife meet the eligibility requirements, they can indeed make catch-up contributions.