How Much Can I Contribute to My HSA in 2019 for Husband and Wife?

If you and your spouse are both eligible for Health Savings Accounts (HSAs) in 2019, you may be wondering how much you can contribute. HSAs offer individuals and families a tax-advantaged way to save for medical expenses. The contribution limits for HSAs are set by the IRS each year, so it's important to stay informed about the current limits.

In 2019, the maximum annual contribution for a family HSA plan is $7,000. If both you and your spouse are 55 or older, you can each make an additional $1,000 catch-up contribution, bringing the total to $9,000.

It's crucial to ensure that you are eligible to contribute to an HSA as a family. To be eligible, you must:

• Be covered by a qualified high-deductible health plan (HDHP)
• Not be enrolled in Medicare
• Not be claimed as a dependent on someone else's tax return

Contributing to an HSA can provide numerous benefits, including:

• Tax deductions on contributions
• Tax-free growth on investments
• Tax-free withdrawals for qualified medical expenses

By taking advantage of these benefits, you can save money on healthcare costs and prepare for future medical needs. Be sure to consult with a tax professional or financial advisor to fully understand the rules and benefits of HSAs.

If you and your spouse are both eligible for Health Savings Accounts (HSAs) in 2019, it’s essential to know how much you can contribute to maximize your savings. HSAs provide a fantastic tax-advantaged route to save for medical expenses as a couple.

In 2019, the IRS has set the maximum annual contribution limit for family plans at $7,000. If you and your spouse are both 55 years or older, you can take advantage of an additional $1,000 catch-up contribution each, totaling $9,000.