How Much Can My Wife and I Contribute to an HSA This Year?

When it comes to contributing to a Health Savings Account (HSA), understanding the annual contribution limits is crucial. For the year 2021, individuals can contribute up to $3,600 to an HSA if they have self-only coverage, and up to $7,200 if they have family coverage.

But when it comes to married couples, the contribution limits can sometimes get a bit tricky. If both you and your wife are eligible to contribute to an HSA and have family coverage, you can contribute up to the family coverage limit of $7,200. However, if one spouse has self-only coverage, while the other has family coverage, the total contribution cannot exceed the family coverage limit.

It's also important to note that individuals aged 55 and older can make an additional catch-up contribution of $1,000 per year.

Summary of Contribution Limits for HSA:

• Individual Coverage: $3,600
• Family Coverage: $7,200
• Catch-up Contribution (55 and older): $1,000

Understanding the contribution limits for your Health Savings Account (HSA) is essential, especially if you're navigating finances as a couple. For 2021, those with self-only coverage can contribute up to $3,600, while those with family coverage have the room to contribute up to $7,200 to their HSA. It’s important to strategize how both you and your wife can maximize your contributions together!