Can Both Spouses Put $7000 in HSA?

Yes, both spouses can contribute up to $7000 each in a Health Savings Account (HSA) if they meet certain eligibility criteria.

An HSA is a tax-advantaged account that allows individuals and families to save for qualified medical expenses. To contribute the maximum amount, both spouses need to be covered under a qualifying High Deductible Health Plan (HDHP) and not have any other health coverage that disqualifies them from the HSA benefits.

Here are some key points to remember about contributing to an HSA as a couple:

• Both spouses can contribute $7000 each in 2021 if they are both eligible.
• If only one spouse has an HDHP, the total family contribution limit is $7000.
• If both spouses are 55 or older, they can each contribute an additional $1000 as a catch-up contribution.
• Contributions can be made by either or both spouses, as long as the total doesn't exceed the annual limit.

It's important for couples to understand the rules and benefits of HSAs to make the most of their healthcare savings. Consult with a financial advisor or tax professional for personalized advice based on your specific situation.

Yes, both spouses can indeed contribute up to $7000 each to a Health Savings Account (HSA), provided they satisfy specific eligibility requirements and are covered under a qualifying High Deductible Health Plan (HDHP).