How much money can a husband and wife contribute to a HSA in 2020?

In 2020, a husband and wife can contribute up to $7,100 to a Health Savings Account (HSA) if they have family coverage. This amount represents an increase from the previous year, providing an opportunity for families to save even more for their healthcare needs.

For individuals with self-only coverage, the contribution limit for 2020 is $3,550. These limits are set by the IRS and are adjusted annually to account for inflation.

HSAs offer individuals and families a tax-advantaged way to save for medical expenses. Contributions to an HSA are tax-deductible, grow tax-free, and withdrawals for qualified medical expenses are also tax-free. This triple tax advantage makes HSAs a valuable tool for managing healthcare costs.

In 2020, a husband and wife can contribute up to $7,100 to their Health Savings Account (HSA) if they have family coverage. This is a fantastic opportunity for families to increase their savings for future medical expenses as the limit has seen a rise from the previous year.