Can a Spouse Own an HSA? Understanding HSA Ownership for Couples

When it comes to Health Savings Accounts (HSAs), many people wonder if their spouse can also own an HSA. The answer is yes, a spouse can own and contribute to an HSA as long as certain criteria are met.

HSAs are a valuable tool for saving and paying for medical expenses, and having both spouses contribute to an HSA can provide even more financial benefits for the family. Here is a breakdown of how a spouse can own an HSA:

• Each spouse must meet the eligibility requirements for having an HSA, including being covered by a High Deductible Health Plan (HDHP) and not being covered by other non-HDHP health insurance.
• If both spouses are eligible, they can each open their own individual HSA accounts and contribute up to the annual maximum contribution limit set by the IRS.
• Spouses can also use funds from their respective HSA accounts to pay for qualified medical expenses for themselves, their spouse, and any eligible dependents.
• It's important to keep track of contributions and withdrawals from each spouse's HSA to ensure compliance with IRS regulations.
• Upon the death of an HSA account holder, the surviving spouse can inherit the HSA tax-free and continue to use it for qualified medical expenses.

Ultimately, having both spouses own HSAs can provide a significant financial advantage when it comes to managing healthcare costs and saving for the future. By understanding the rules and requirements for HSA ownership as a couple, you can maximize the benefits of these tax-advantaged accounts.

Yes, a spouse can certainly own an HSA, provided both partners adhere to specific eligibility criteria, giving families an excellent way to manage healthcare expenses.