Can Both Spouses Have Separate HSAs? - Understanding Health Savings Account Rules

One common question among couples is whether both spouses can have separate Health Savings Accounts (HSAs). The short answer is yes, as long as both individuals meet the eligibility criteria set by the IRS. This means that if you and your spouse are covered under a High Deductible Health Plan (HDHP) and meet the other HSA requirements, you can each have your own HSA.

Here are some key points to consider:

• Each spouse must be enrolled in their own HDHP.
• Both spouses cannot be covered under a joint HDHP.
• Each spouse can contribute to their respective HSAs, up to the annual contribution limit set by the IRS.
• Contributions to both HSAs can be made by either spouse, or a combination of contributions from both.
• Having separate HSAs can provide more flexibility in managing healthcare expenses and saving for the future.

It's important to keep in mind that if either spouse has non-qualified health coverage, such as a traditional health insurance plan, they may not be eligible to contribute to an HSA. Additionally, contributions made to an HSA belong to the individual account holder, even if they are married.

Absolutely! Couples can indeed have separate Health Savings Accounts (HSAs) if both meet the eligibility criteria established by the IRS. For you and your spouse, being covered under a High Deductible Health Plan (HDHP) is the key to making this work. This pairing of separate HSAs allows you both to take full advantage of tax benefits while managing healthcare expenses individually.