Can You Increase Your HSA Contributions During the Year?

One common question that many people have about Health Savings Accounts (HSAs) is whether they can increase their contributions during the year. The good news is that yes, you can actually adjust your HSA contributions at any time during the year, as long as you stay within the annual contribution limits set by the IRS.

Here are some key points to keep in mind when considering increasing your HSA contributions:

• You can change your HSA contributions as often as you like throughout the year.
• It's important to be aware of the annual contribution limits set by the IRS, which for 2021 are $3,600 for individuals and $7,200 for families.
• If you're 55 or older, you can make an additional catch-up contribution of $1,000 per year.
• Increasing your HSA contributions can help you save more for future healthcare expenses and maximize your tax benefits.
• Be sure to adjust your contributions through your employer's payroll system or directly with your HSA provider.

By staying informed and proactive about your HSA contributions, you can take full advantage of this valuable savings tool to help cover your healthcare costs now and in the future.

Yes, you can indeed increase your HSA contributions anytime throughout the year, provided you keep within the IRS's annual contribution limits.