Questions and Answers

Each Health Savings Account (HSA) can have only one owner. Joint HSAs are not allowed, even if the underlying high deductible health insurance policy provides family coverage.

A married couple with family coverage may contribute up to the maximum contribution limit, split between both eligible spouses’ HSAs in any manner they decide, including making the entire contribution to just one HSA. However, if either spouse is age 55 or older, he/she must make any catch-up contribution to his/her own HSA.

If each spouse has self-only coverage, each must establish his/her own HSA to make up to the maximum contribution allowed each year.

A key point to remember is that an individual’s HSA can pay for the HSA owner’s qualified medical expenses and those of his/her spouse and dependents, even if the associated high deductible health insurance plan provides self-only coverage. To facilitate distributions, an HSA custodian’s/trustee’s policy may allow an HSA owner to authorize another signer, allowing his/her spouse, for example, to take distributions to pay medical bills without having his/her own HSA.

Eyeglasses and contact lenses needed for medical reasons are considered qualified medical expenses. For more information on qualified medical expenses, HSA owners should refer to IRS Publication 502, Medical and Dental Expenses, and IRS Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans, or seek advice from a tax or insurance professional.