The COUPLES HSA Act would allow married couples to combine their Health Savings Account contributions into a single account while both making catch-up contributions if they're age 55 or older. Currently, when married couples have family health coverage under a high-deductible health plan, they must split a single contribution limit between them, which can reduce each spouse's individual savings capacity. Under this bill, both spouses could contribute the additional catch-up amounts available to those 55 and older to the same account, effectively increasing the total annual contributions a married couple could make together. The legislation would apply to tax years beginning after December 31, 2023, affecting married individuals who use Health Savings Accounts as part of their healthcare and retirement savings strategy. The bill provides no new federal funding, as it only modifies Internal Revenue Code provisions related to existing tax-advantaged savings accounts.
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