Can You Have a Work HSA and Personal HSA? - All You Need to Know

Many individuals wonder if they can have both a work Health Savings Account (HSA) and a personal HSA. The answer is yes, but there are certain rules and limitations to be aware of.

When it comes to having both a work HSA and a personal HSA:

• You can have both accounts simultaneously if you are eligible for an HSA.
• Your total HSA contributions from both accounts cannot exceed the annual maximum contribution limit set by the IRS.
• Contributions from both accounts combined must not go over the family or individual contribution limit, depending on your situation.
• Having multiple HSAs can offer more opportunities to save for current and future healthcare expenses.

It's essential to stay informed about the specific rules and regulations regarding HSAs to avoid any penalties or unexpected tax implications.

Absolutely, you can have both a work Health Savings Account (HSA) and a personal HSA running concurrently, which can significantly enhance your ability to save for medical expenses.