How Much Can I Contribute to My HSA Tax Free If I'm Married?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. If you're married and have an HSA, you may wonder how much you can contribute tax-free. The contribution limits for HSAs depend on both your marital status and other factors. Here's a breakdown of the key information:

Contribution Limits for HSAs

For married individuals, the contribution limits for HSAs are different based on whether both spouses are covered by an HSA-qualified high deductible health plan (HDHP) or only one spouse has individual coverage. Here are the details:

• If both spouses are covered by an HSA-qualified HDHP:
• In 2021, the maximum contribution limit is $7,200.
• In 2022, the maximum contribution limit is $7,300.
• If only one spouse has individual coverage under an HSA-qualified HDHP:
• In 2021, the contribution limit is $3,600.
• In 2022, the contribution limit is $3,650.

Additionally, individuals who are age 55 or older can make catch-up contributions of up to $1,000 per year.

Benefits of Contributing to an HSA

Contributing to an HSA offers several advantages, including:

• Tax-deductible contributions
• Tax-free growth of funds
• Tax-free withdrawals for qualified medical expenses

By maximizing your contributions to an HSA, you can build a significant nest egg for future medical needs while reducing your tax liability.

Health Savings Accounts (HSAs) not only help you save for future medical expenses, but they also offer substantial tax advantages especially for married couples. When both spouses are covered by an HSA-qualified high deductible health plan (HDHP), in 2021 the contribution limit is $7,200, increasing to $7,300 in 2022. This shared contribution opportunity allows couples to maximize their tax-free savings.