Morningstar's Guide to Life-Stage Investing

Though we may not give it much thought, most of us are multitasking throughout our financial lives. Even though retirement may be the long-range goal, it's a good bet you're knocking off scores of smaller financial jobs along the way--paying off student loans and home mortgages and socking away funds for college, to name some of the biggies read more

How Many HSAs Can I Have?

The financial benefits offered by a health savings account are tremendous, so you understandably want to maximize those benefits. Are you wondering, "Can I only have one health savings account for my family?" Generally, the rule is one account per qualified individual, but there are some nuances that you need to know about.

For Married Couples

When you ask, "Can I have more than one health savings account for my family?", be aware that one spouse can have a family account or each spouse can have his or her own HSA. The total family contribution per year is $7,000. If each spouse maintains an individual HSA, the individual contribution limit would apply. This limit is $3,500 per year. Regardless of whether one family account is in place or the spouses each have their own HSA, all eligible family members can use the funds.

For Unmarried Individuals

There are several reasons why an individual may prefer to have more than one account. For example, an HSA custodian may be automatically selected by your employer, and your employer may contribute partially to that specific account. However, you may prefer to use another custodian because it offers more investment options. This is only one of many situations when it could make sense to have more than one HSA account. You are permitted to have multiple accounts, but your annual contribution limit applies. This means that you can contribute up to $3,000 per year as an individual across two separate accounts if you prefer.

Are you interested in opening a new HSA? Your first step is to compare the different fees and investment options offered by various custodians. Then, adjust your finances so that you can max out your HSA contributions and enjoy the full benefits that an HSA provides.

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