Can a Husband and Wife Exceed $6,900 for HSA Contribution in 2018?

Health Savings Accounts (HSAs) are a great way for individuals and families to save money for medical expenses while enjoying tax benefits. For the year 2018, the maximum contribution limit for an HSA is set at $6,900 for family coverage.

When it comes to contributions for a married couple, the total amount they can contribute to their HSA jointly is determined by their coverage status - whether individual or family. Here's what you need to know:

• If both spouses have family HSA coverage, they can contribute up to the maximum allowed amount for family coverage, which is $6,900 in 2018.
• If only one spouse has family HSA coverage, they can still contribute up to the family limit of $6,900, as long as both spouses are under the age of 55. However, if one spouse is 55 or older, they can make an additional catch-up contribution of $1,000.
• Contributions can be made by either or both spouses, but the total combined contribution cannot exceed the family coverage limit of $6,900.

It's important to keep in mind that these contribution limits are subject to change, so it's always a good idea to check with the IRS or a tax professional for the most up-to-date information regarding HSA contributions.

Health Savings Accounts (HSAs) provide a fantastic opportunity for married couples to effectively save on healthcare costs while taking advantage of significant tax benefits. In 2018, the contribution limit for HSAs was set at $6,900 for those with family coverage.