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

Many individuals who have Health Savings Accounts (HSAs) often wonder about the contribution limits for themselves and their spouses. HSAs are valuable tools for managing healthcare expenses, providing a tax-advantaged way to save for medical costs now and in the future. Understanding the contribution limits is essential for maximizing the benefits of an HSA.

For 2021, the annual contribution limits for an HSA are as follows:

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

These limits apply to both you and your spouse if you both have separate HSAs. It is important to note that if both spouses have an HSA, you cannot double the contribution limit by combining the amounts into one account.

Here are some key points to remember about HSA contributions for yourself and your spouse:

• Each individual can contribute up to the limit specified by the IRS.
• If you have family coverage, you can contribute up to the family limit, even if only one spouse has the HSA.
• Individuals aged 55 and older can make an additional catch-up contribution of $1,000 per year.

When it comes to Health Savings Accounts (HSAs), understanding contribution limits can significantly enhance your savings strategy. For 2021, individual coverage contributions are capped at $3,600, while family coverage allows contributions up to $7,200. Just remember, if both you and your spouse have HSAs, you cannot merge your contributions into one account and exceed these limits.