How Much Am I Allowed to Put into a HSA?

Many individuals are curious about how much they can contribute to a Health Savings Account (HSA) each year. An HSA is a tax-advantaged account that allows you to save money for qualifying medical expenses. Understanding the contribution limits can help you maximize the benefits of this valuable financial tool.

The annual contribution limits for an HSA can change from year to year. For 2021, the limit for individuals is $3,600, while the limit for families is $7,200. Additionally, individuals who are 55 or older can make catch-up contributions of up to $1,000 per year.

It's important to note that the contribution limits are set by the IRS and can be adjusted annually based on inflation. Staying informed about these limits can help you make the most of your HSA benefits while avoiding any potential tax issues.

If you’re wondering how much you can contribute to a Health Savings Account (HSA), you’re not alone! These tax-advantaged accounts can be a powerful way to save for qualified medical expenses. For the tax year 2023, the contribution limits are set at $3,850 for individuals and $7,750 for families. If you're at least 55 years old, you can contribute an additional $1,000 in catch-up contributions!