Married: What is the Max HSA Contribution?

Maximizing your HSA contribution is a smart financial move, especially for married individuals who want to plan for health expenses efficiently. For the tax year 2021, the maximum HSA contribution limit for married individuals is $7,200 if both spouses are 55 or older and covered under a family high-deductible health plan. This includes a $1,000 catch-up contribution for each individual. If only one spouse is 55 or older, the couple can contribute up to $8,200.

Contributing the maximum amount to your HSA can provide various benefits such as:

• Tax savings: Contributions are tax-deductible, and withdrawals for qualified medical expenses are tax-free.
• Financial security: Build a nest egg for future medical needs.
• Flexibility: HSA funds can be used for a wide range of medical expenses not typically covered by insurance.

Maximizing your HSA contribution is not just a good idea for married individuals but a pivotal step in the journey toward effective financial planning. For the tax year 2021, married couples, if both are 55 or older and enrolled in a family high-deductible health plan, can contribute a maximum of $7,200 to their Health Savings Account, which features an additional $1,000 catch-up contribution per individual. If just one spouse has reached the age of 55, the couple’s total contribution can soar to $8,200, providing a wonderful opportunity to bolster their health savings.