How Much Can a Married Couple Contribute to an HSA?

Health Savings Accounts (HSAs) are a valuable tool for managing healthcare expenses while offering tax advantages. For married couples, understanding the contribution limits to an HSA is important to make the most of this benefit. So, how much can a married couple contribute to an HSA?

For the current tax year (2021), a married couple can contribute up to $7,200 to their HSA if both spouses are age 55 or older. If only one spouse is 55 or older, the maximum contribution is $7,200. If both spouses are under 55, the contribution limit is $7,100.

Here are some key points to keep in mind about HSA contributions for married couples:

• Contribution limits are set annually by the IRS and may be adjusted for inflation.
• Individuals aged 55 and older can make an additional catch-up contribution of $1,000 per year.
• Contributions to an HSA are tax-deductible, meaning they can lower your taxable income.
• Funds in an HSA can be invested and grow tax-free, making it a powerful savings vehicle for healthcare expenses in retirement.

When planning your healthcare finances, it's crucial to understand the Health Savings Account (HSA) contribution limits for married couples. By taking advantage of an HSA, you can make tax-free contributions to save for eligible medical expenses, which is beneficial for both individuals and families.