How Much Can My Wife and I Deposit Annually into HSA Plans?

Contributing to a Health Savings Account (HSA) can provide tax advantages and help you save for medical expenses. If you and your wife both have HSA plans, you may wonder how much you can deposit collectively each year. Here's what you need to know:

Each year, the IRS sets limits on the maximum amount you can contribute to an HSA. For 2021, the annual contribution limit for individuals with self-only coverage is $3,600, and for those with family coverage, it's $7,200.

When both you and your wife have separate HSA plans, you can each contribute up to the individual limit set by the IRS. This means that if you have family coverage, you can maximize your contributions by contributing to both accounts.

For example, if you and your wife both have family coverage HSA plans, you can collectively contribute up to $14,400 ($7,200 each) for the year 2021.

It's important to note that contributions to both your and your wife's HSA plans must stay within the annual limits to avoid any tax penalties.

Contributing to a Health Savings Account (HSA) not only helps you save for your future healthcare needs but also offers significant tax benefits.