How Much Can I Contribute to My HSA If I Am Married?

Are you wondering how much you can contribute to your HSA if you are married? Health Savings Accounts (HSAs) are a valuable tool that can help you save for medical expenses while enjoying tax benefits. If you are married, the contribution limits for your HSA may vary depending on your situation.

Here is a breakdown of how much you can contribute to your HSA if you are married:

• For 2021, the maximum contribution limit for an individual with self-only coverage is $3,600.
• If you have family coverage in 2021, the maximum contribution limit is $7,200.
• If both spouses are eligible individuals and have family coverage under an HSA-qualified High Deductible Health Plan (HDHP), they can each contribute up to the family maximum amount.
• For individuals aged 55 and older, there is an additional catch-up contribution of $1,000 per year.

It's important to note that these contribution limits are subject to change, so be sure to check with the Internal Revenue Service (IRS) for the most up-to-date information. Contribute to your HSA wisely and take advantage of the tax benefits it offers!

Are you married and curious about your Health Savings Account (HSA) contribution limits? Understanding these limits is essential for maximizing your savings on medical expenses. Here’s what you need to know if you're married:

• In 2021, individual contributors with self-only coverage can contribute a maximum of $3,600.
• Married couples with family coverage can together contribute up to $7,200.
• Should both partners have family coverage with a qualified High Deductible Health Plan (HDHP), then they can each deposit up to the family limit.
• If you are 55 or older, take advantage of the $1,000 catch-up contribution, allowing for additional savings.

These contribution caps are updated frequently, so consider checking with the Internal Revenue Service (IRS) for the most accurate details to keep your finances in check.