Can You Make Additional Contributions to an HSA?

Yes, you can make additional contributions to an HSA (Health Savings Account) if you meet the requirements.

An HSA allows individuals to contribute pre-tax money that can be used for qualified medical expenses. It offers a triple tax advantage - contributions are tax-deductible, earnings grow tax-free, and withdrawals are tax-free when used for medical expenses.

Here are important points to know about making additional contributions to an HSA:

• For 2021, the annual contribution limit for an individual with self-only coverage is $3,600, and for those with family coverage, it's $7,200.
• If you are 55 or older, you can make an additional catch-up contribution of $1,000 per year.
• Contributions to an HSA can be made by you, your employer, or both. However, the total contributions cannot exceed the annual limit.
• Contributions can be made at any time during the year and up until the tax filing deadline, typically April 15 of the following year.

It's important to stay informed about the contribution limits and rules regarding HSAs to maximize the benefits they offer.

Absolutely! You are allowed to make additional contributions to your HSA as long as you fulfill the necessary requirements.

Your Health Savings Account lets you set aside pre-tax funds specifically for qualified medical expenses, offering a fantastic triple tax benefit: your contributions are tax-deductible, your earnings grow tax-free, and your withdrawals for medical costs will also be tax-free.