Yes, however you can only contribute to one at a time. Also you can’t go over your annual contribution amount. If you are contributing to an HSA through your employer, you’ll need to only contribute to that one during your plan year.
Individual contributions are capped by the IRS at $3750 for individuals and $6900 for families.
Note: You can’t have a “joint account” with a spouse or significant other, you’ll just have the one account associated from that employee (you or your spouse). Money in the HSA can be spent on anyone in your household, spouses and kids alike.
No you don’t need an HSA. But if you don’t have an HSA, you will be paying all the taxes on all of your, and your families medical expenses. If you have a High Deducible Health plan, and aren’t enrolled in an FSA, you can open an HSA.
HSAs are benefit heavy.
1- They are triple tax-free (money input into the account is tax free. Interest gained on the account is tax free. If used on medical expenses, those are tax free as well.)
2- They can be rolled over year to year gaining interest.
3- They have pretty high limits on the amount you can put in them. ($3450 for indiuvudual and $6900 for families)
A High Deductible Health Plan is one that is a medical health plan that has a minimum deductible of $1,350 (or higher) for an individual, or $2,700 (or higher) for a family.
An HDHP’s total yearly out-of-pocket expenses (including deductibles, copayments, and coinsurance) can’t be more than $6,650 for an individual or $13,300 for a family. (This limit doesn’t apply to out-of-network services.)
An HSA is a “Health Savings Account”. HSAs are triple tax-free, meaning you can put money in tax free, gain interest on the money in your account, and pay for medical expenses tax free.
You can have a HSA if you have a High Deductible Health Plan. See “What is a High Deductible Health Plan”.