Can Spouses Each Contribute to HSA?

Yes, both spouses can contribute to an HSA (Health Savings Account) as long as they meet certain criteria. In order for both spouses to contribute to an HSA:

• Both spouses must be covered under a qualified high-deductible health plan.
• The total contributions from both spouses cannot exceed the annual maximum limit set by the IRS.
• If both spouses are 55 or older, they can make catch-up contributions to their individual HSAs.

Contributions to an HSA are tax-deductible and can be used to pay for qualified medical expenses, providing a tax-efficient way to save for healthcare costs.

Absolutely! Both spouses can indeed contribute to a Health Savings Account (HSA), but there are specific requirements they need to fulfill. To make this work, each spouse must have coverage through a qualified high-deductible health plan.

• Remember to keep track of the total contributions made by both, as they cannot exceed the annual contribution limits set by the IRS.
• For couples where both are aged 55 or over, they can take advantage of catch-up contributions, allowing them to save even more for their healthcare needs.

Utilizing an HSA not only allows for tax-deductible contributions but also enables you to pay for qualified medical expenses in a tax-efficient manner, ultimately offering financial relieve when medical costs arise.