Can You Set Up an HSA for a Spouse?

Health Savings Accounts (HSAs) are a valuable tool for saving money on medical expenses while enjoying tax benefits. One common question that arises is whether you can set up an HSA for a spouse. The answer is yes, you can set up an HSA for your spouse as long as certain criteria are met.

To open an HSA for a spouse:

• Your spouse must be covered by a High Deductible Health Plan (HDHP), either through their own employer or through your employer-sponsored plan where you are the primary policyholder.
• You must be married and file taxes jointly.
• Your spouse cannot be claimed as a dependent on someone else's tax return.

Setting up an HSA for your spouse can provide additional tax savings and allow both of you to contribute to the account for medical expenses.

Health Savings Accounts (HSAs) serve as an excellent financial resource for couples looking to save on healthcare costs. Not only can you set up an HSA for your spouse, but it also provides an opportunity to maximize your family's healthcare savings while enjoying beneficial tax advantages.