What is the most money a couple can put in a HSA?

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What HSAs do and why they matter

Health Savings Account or HSA is a powerful tool for individuals and families to save for medical expenses tax-free. It allows you to set aside a certain amount of money each year to cover qualified medical costs.

Contributions to an HSA are tax-deductible, meaning you can reduce your taxable income by the amount you contribute to the account. The money in your HSA can be invested and grow tax-free, and withdrawals for qualified medical expenses are also tax-free.

Contribution limits and catch-up details

For 2021, the maximum contribution a couple can make to their HSA is $7,200. This includes both employer and employee contributions. If you are over the age of 55, you can make an additional catch-up contribution of $1,000 per year.

The most you and your partner can contribute together to a Health Savings Account (HSA) for the year 2021 is a combined total of $7,200, but remember, if both of you are above 55, you can each contribute an extra $1,000 as a catch-up contribution, bringing your total to $9,200 if eligible.

Family plans require separate HSAs

It's important to note that HSAs are considered individual accounts, even if you have a family plan. This means that each spouse must open their own HSA account to take advantage of the contribution limits.

By maximizing your HSA contributions, you can build up a significant sum of money to cover medical expenses in the future. It's a smart way to save for healthcare costs while reducing your tax liability.