If you’re already using an HSA and saved enough to cover your annual deductible, co-pays, and uncovered medical expenses, the next step is to get the rest of your savings working for you by determining how to invest it. (While HSA contributions must be cash, you can use HSA funds to purchase CD’s, bonds, or stocks).

HSAs can be used for any dependent family member’s medical expenses. So, while the objective is not to tap the HSA for current deductibles and co-pays, you may want to adjust the liquid portion of your HSA so you can cover them in a pinch, if your HSA is covering more people.

The family limit on HSA contributions is twice the individual limit. A family with two working spouses can have one or multiple HSAs. To open two accounts both spouses must be covered by a high deductible health plan (HDHP), either their own or under the Family Plan of one spouse. If you are both eligible, consider opening two HSAs, there are some potential benefits. The contributions don’t have to be split 50-50. If one employer has an HSA but the other doesn’t offer an HSA, spouses can agree on a split that helps them fund one or both accounts until they hit the family limit. Also, if one spouse turns 55 first, they can start using the $1,000 catch-up provision without waiting for the other to reach 55. 

Even if one spouse is not eligible for an account, they or anyone else can make contributions to an HSA, it’s not limited to you and your employer.