How Much Can a Couple Filing Jointly Contribute to an HSA?

Health Savings Accounts (HSAs) are a valuable tool for individuals and families to save for medical expenses while enjoying tax advantages. For couples filing jointly, the contribution limits for HSAs depend on various factors including age, coverage type, and eligibility. Let's explore how much a couple filing jointly can contribute to an HSA.

As of 2021, the maximum annual contribution for a couple filing jointly to an HSA is $7,200. This amount is set by the IRS and is subject to change each year. Additionally, individuals who are 55 or older can make an additional catch-up contribution of $1,000, bringing the total contribution limit to $8,200 for eligible couples.

It's important to note that both spouses must be eligible individuals and have qualified high-deductible health insurance coverage to contribute to a joint HSA. If only one spouse has an HSA-eligible plan, the contribution limit is based on the coverage of the individual account holder.

Contributions to an HSA are tax-deductible, grow tax-free, and can be withdrawn tax-free for qualified medical expenses. Any unused funds in an HSA roll over from year to year, making it a valuable long-term savings vehicle for healthcare costs.

Health Savings Accounts (HSAs) are a fantastic way for couples to enhance their financial wellbeing while preparing for medical expenses. If you and your spouse are filing jointly, you can contribute up to $7,200 to your HSA as of 2021. This is not just a limit but an opportunity to invest in your future health costs.