Can I Put $7000 in HSA Joint Account for Me and My Spouse for 2018?

Check eligibility on the go — browse 7,000+ HSA-eligible products in the free app.

HSA basics and tax advantages for 2018

If you are considering contributing to a Health Savings Account (HSA) for you and your spouse in 2018, it's essential to understand the rules and limits that apply. An HSA is a tax-advantaged savings account specifically for medical expenses that offers many benefits, such as tax deductions, tax-free withdrawals for qualified medical expenses, and potential investment growth.

If you and your spouse are considering how much you can contribute to a Health Savings Account (HSA) for the year 2018, it’s crucial to navigate the IRS regulations surrounding HSAs. These tax-advantaged accounts not only allow you to save for medical expenses, but they also provide you with possible tax deductions, tax-free withdrawals for eligible expenses, and the potential for investment growth.

2018 HSA contribution limits for individuals

For 2018, the maximum contribution limits for an HSA are set by the IRS. The individual contribution limit is $3,450, while the family contribution limit is $6,900. However, if you and your spouse both have separate HSA accounts, each of you can contribute up to the individual limit.

Joint HSA limits based on HDHP coverage type

When it comes to a joint HSA account for you and your spouse, the total contribution limit is determined by whether you have self-only or family coverage with your High Deductible Health Plan (HDHP). In the case of family coverage, both you and your spouse can contribute up to the family limit.

So, can you put $7000 in an HSA joint account for you and your spouse? The answer depends on the type of HDHP coverage you have and whether you have reached the contribution limit for the year. If both you and your spouse have family HDHP coverage, you can contribute up to $6,900 each, totaling $13,800 for the year.

In summary, if you and your spouse have family HDHP coverage and have not reached the family contribution limit for 2018, you can indeed put $7000 in an HSA joint account for both of you.