How much can you put into an HSA each year?

Many people are curious about how much they can contribute to a Health Savings Account (HSA) each year. HSAs are a great way to save money for medical expenses while also enjoying tax benefits. So, let's explore the maximum contribution limits for HSAs.

For 2021, the IRS has set the following annual contribution limits for HSAs:

• Individual coverage: $3,600
• Family coverage: $7,200

It's important to note that these limits are subject to change, so it's essential to stay updated with the latest IRS guidelines. Additionally, individuals who are 55 years or older can make catch-up contributions of $1,000 per year.

Contributions to an HSA can be made by the account holder, their employer, or both. If both parties contribute, the total combined contributions cannot exceed the annual limits mentioned above.

Remember, HSA funds rollover year after year, making it a valuable long-term savings tool for healthcare expenses. Be sure to take full advantage of your HSA contributions to reap the maximum benefits.

Ever wondered how much you can stash away in a Health Savings Account (HSA) each year? It’s a savvy way to save for those pesky medical bills while reaping some fabulous tax perks! Let’s dive into the annual contribution limits set by the IRS to maximize your savings.

As of 2021, here’s what you can contribute:

• Individual coverage: $3,600
• Family coverage: $7,200

Keep in mind that these limits may change, so always stay in the loop about the latest IRS updates! If you’re aged 55 or older, you can also make a catch-up contribution of $1,000 annually — a great way to boost your savings!

Contributions can come from you, your employer, or both — just remember, the total contributions from all sources should not exceed the limits mentioned above.

And the best part? Your HSA funds roll over year after year, making it a smart long-term savings tool for healthcare costs. Make sure you’re contributing to your HSA to unleash its full potential!