Can I Change the Amount That Goes Into My HSA?

Yes, you can change the amount that goes into your Health Savings Account (HSA) for most cases, subject to certain limits and guidelines. Your HSA contributions are flexible, and you have the control to adjust the amount you contribute based on your healthcare needs and financial situation.

Here are some key points to consider when changing the amount that goes into your HSA:

• Most employers allow you to make changes to your HSA contributions during the open enrollment period or in the event of a qualifying life event, such as marriage, birth of a child, or change in employment status.
• Some employers may also offer the option to make changes to your HSA contributions at any time throughout the year.
• The maximum annual contribution limits set by the IRS for HSAs are $3,600 for individuals and $7,200 for families in 2021. These limits may change each year based on inflation.
• If you are 55 or older, you are eligible to make an additional catch-up contribution of $1,000 per year.
• It is important to check with your employer or HSA provider for specific guidelines and procedures on changing the amount that goes into your HSA.

Being able to adjust your HSA contributions gives you the flexibility to manage your healthcare expenses effectively and save for future medical costs. Take advantage of this benefit to make the most out of your HSA and secure your financial health.

Absolutely! You have the ability to adjust the contributions to your Health Savings Account (HSA) whenever necessary, keeping in mind some important limits and guidelines. This flexibility allows you to balance your healthcare costs and financial commitments effectively.