How Much Can I Contribute to My HSA and My Spouse's HSA?

Are you wondering about the contribution limits for both your Health Savings Account (HSA) and your spouse's? Let's break it down for you!

For the current tax year, the maximum contribution limits for HSAs are as follows:

• Individual coverage: $3,600
• Family coverage: $7,200

But what if you and your spouse both have HSAs? Here's how it works:

• If you have an HSA and your spouse has one as well, you can each contribute up to the family coverage limit, which is $7,200 for this tax year.
• However, if both of you are 55 or older, you can each make an additional catch-up contribution of $1,000.
• Keep in mind that these limits are subject to change, so make sure to check with the IRS or your benefits provider for the most up-to-date information.

By maximizing your contributions to your HSAs, you can take advantage of the tax benefits and save for your healthcare expenses in a tax-advantaged way.

Curious about how much you and your spouse can contribute to your Health Savings Accounts (HSAs)? This guide will help you understand the contribution limits for this tax year!

The IRS has set the following maximum contribution limits for HSAs:

• Individuals with self-only coverage can contribute up to $3,600.
• Families with family coverage can contribute up to $7,200.

What if you and your spouse both have separate HSAs? You both can take advantage of the family coverage limit together:

• If both spouses participate in HSAs, you can contribute a combined total of $7,200.
• If you are both 55 years old or older, you can each contribute an additional catch-up amount of $1,000, bringing your total possible contribution to $9,200.
• Remember that these limits are updated yearly, so consult the IRS or your employer for the latest figures.

By maximizing your contributions to your HSAs, you're not just saving for healthcare costs; you're also leveraging significant tax advantages that can enhance your financial future.