Can Spouses Each Have an HSA?

Yes, spouses can each have an HSA (Health Savings Account) as long as they meet the eligibility criteria. Having individual HSAs can provide more flexibility and tax advantages for both partners. Here are some key points to consider:

• Each spouse must have their own qualified High Deductible Health Plan (HDHP) to be eligible for an HSA.
• The contribution limits for individual and family HSAs differ, so each spouse can contribute up to their respective limit.
• Contributions to an HSA are tax-deductible, and any withdrawals for qualified medical expenses are tax-free.
• HSAs are portable, meaning you can keep the account even if you change jobs or insurance plans.

Absolutely! Each spouse can have their own Health Savings Account (HSA) provided they qualify. Having individual HSAs not only boosts flexibility but also allows each partner to fully capitalize on the tax benefits. Here are a few important details to bear in mind:

• Eligibility kicks in only if both spouses have their own qualified High Deductible Health Plan (HDHP).
• Contribution limits vary for individual and family HSAs, giving couples the chance to maximize how much they save.
• Every contribution you make to your HSA can reduce your taxable income, and then any money you withdraw for qualified medical expenses is free from taxes!
• HSAs are also portable, meaning you don’t have to worry about losing your account when changing jobs or insurance plans.