Can Both Spouses Over Age 55 Add $1000 to HSA in 2019 in One Account?

If you and your spouse are both over the age of 55 and have a health savings account (HSA), you might be wondering if both of you can contribute an additional $1000 to the HSA account in 2019. The answer is yes, but there are some rules and regulations to be aware of.

Here are some important points to consider:

• Both spouses must be over the age of 55 in the calendar year to be eligible for the additional $1000 catch-up contribution.
• The additional $1000 catch-up contribution is per spouse, not per account. This means that each spouse can contribute $1000 extra to their own HSA account if they meet the age requirement.
• If one spouse has an individual HSA account and the other has a family HSA account, they each can contribute the extra $1000 to their respective accounts.
• It is essential to keep track of each spouse's contributions to ensure they do not exceed the maximum allowable contribution limits set by the IRS.

Health savings accounts are a valuable tool for saving money on medical expenses while enjoying tax benefits. By understanding the rules surrounding HSA contributions for spouses over the age of 55, you can maximize your savings and ensure compliance with IRS regulations.

Yes, if both you and your spouse are over 55, you can each contribute an extra $1000 to your respective HSAs, enhancing your savings for medical expenses this year!