Can Two Spouses Over Age 55 Contribute Into One HSA Account?

When it comes to Health Savings Accounts (HSAs), a common question that often arises is whether two spouses over the age of 55 can contribute to a single HSA account. The good news is that the answer is yes, they can both contribute to one HSA account, provided they meet certain criteria.

Here are some key points to consider:

• Both spouses must be at least 55 years old
• The HSA must be established in the name of one of the spouses
• The contribution limit for spouses over 55 is higher due to catch-up contributions
• Spouses can each contribute the catch-up contribution amount to the shared HSA

It is essential to ensure that both spouses are eligible to contribute to an HSA and consult with a financial advisor or tax professional for guidance on maximizing HSA contributions for a couple over 55.

Absolutely! Two spouses over the age of 55 can certainly contribute to a single Health Savings Account (HSA). This rule not only enhances financial flexibility but also allows couples to maximize their tax advantages during retirement planning.