How Much Can a Married Couple Over 55 Contribute to an HSA in 2020?

If you are a married couple over the age of 55 and considering contributing to a Health Savings Account (HSA) in 2020, it's essential to understand the contribution limits for this tax-advantaged savings account.

For 2020, the maximum contribution limit for an HSA for a married couple (both over 55) is $8,100, an increase of $1,000 from the standard family contribution limit. This means that each spouse can contribute up to $4,050 to their HSA account if both are 55 or older.

Contributions to an HSA offer a triple tax advantage: the money you contribute is tax-deductible, it grows tax-free, and withdrawals for qualified medical expenses are also tax-free.

It's important to note that both spouses must be at least 55 years old to qualify for the increased contribution limit for married couples over 55.

As a married couple over the age of 55, you can significantly boost your savings with a Health Savings Account (HSA). In 2020, the contribution limit specifically set for you is $8,100, allowing each partner to contribute up to $4,050 based on your age and eligibility. This unique opportunity lets you maximize your healthcare savings while enjoying various tax advantages.