Married: What is the Maximum HSA Contribution?

Are you married and wondering what the maximum Health Savings Account (HSA) contribution you can make is? As a married individual, you have the opportunity to contribute to your HSA and grow your healthcare funds tax-free. Let's delve into the details to help you understand the key points.

When you are married, the maximum HSA contribution limit depends on several factors, such as whether both you and your spouse have individual coverage or family coverage. Here's a breakdown of the maximum HSA contribution limits for married individuals:

• If both you and your spouse have individual coverage, you can each contribute up to the individual coverage limit.
• If you and your spouse have family coverage, you can contribute up to the family coverage limit.
• For 2021, the maximum HSA contribution limits are $3,600 for individual coverage and $7,200 for family coverage.

It's important to note that if you are 55 or older, you can make an additional catch-up contribution of $1,000 per year. This extra contribution can help boost your HSA balance as you near retirement.

Are you and your spouse navigating the intricacies of Health Savings Accounts (HSAs)? Understanding the maximum contribution limits can feel overwhelming, but we're here to simplify it. Depending on your coverage type, the maximum HSA contribution can vary significantly.

For couples with individual coverage, each spouse can contribute up to the individual limit, allowing for a combined total of $7,200. However, if you both hold family coverage, you can collectively contribute up to $14,400. This can greatly enhance your ability to save for future healthcare expenses.

Additionally, don’t forget about the catch-up contribution if you’re both nearing age 55. This offers you both an additional $1,000 each, maximizing your HSA savings as you think about retirement.