Can I Contribute to HSA Every Year?

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Annual HSA contributions for eligible owners

If you have a Health Savings Account (HSA), one common question you may have is whether you can contribute to it every year. The good news is that, yes, you can contribute to your HSA annually as long as you meet the eligibility criteria.

It's important to note that HSA contributions are not Did you know that contributing to your Health Savings Account (HSA) can be a smart financial decision? You can make contributions every year as long as you are eligible. This means both you and your employer can contribute to your HSA, providing a wonderful way to save for your healthcare costs.

Key rules on contributions and limits

Here are some important points to consider:

• Contributions can be made by you, your employer, or both.
• You can contribute to your HSA each year up to the annual limit set by the IRS.
• For individuals, the 2021 contribution limit is $3,600 and for families, it is $7,200.
• If you are 55 or older, you can make an additional catch-up contribution of $1,000 per year.
• Contributions are tax-deductible, meaning you can lower your taxable income by contributing to your HSA.