Can spouses contribute to the same HSA?

Yes, spouses can contribute to the same Health Savings Account (HSA). If both spouses are covered by a High Deductible Health Plan (HDHP) and meet the eligibility requirements, they can each contribute to the same HSA account. This is a great way for couples to maximize their tax advantages and savings potential.

Contributions made by both spouses to a single HSA cannot exceed the annual contribution limit set by the IRS. For 2021, the limit for an individual with self-only coverage is $3,600, and for those with family coverage, it's $7,200. If both spouses are 55 or older, they can make catch-up contributions of an additional $1,000 each.

It's important to note that contributions made by either spouse to the HSA belong to both individuals equally, regardless of who made the contribution. Both spouses can use the funds in the HSA to pay for qualified medical expenses for themselves, their spouse, and any dependents.

Absolutely! Spouses can collaborate and contribute to the same Health Savings Account (HSA) if both are enrolled in a High Deductible Health Plan (HDHP). This shared approach not only makes managing healthcare expenses simpler but also maximizes their potential tax benefits.