How Much Can a Single Person Contribute to an HSA?

Health Savings Accounts (HSAs) are a valuable tool for individuals to save for medical expenses while enjoying tax benefits. For single individuals, it's important to understand the contribution limits set by the IRS for HSAs.

As of 2021, a single person can contribute up to $3,600 to their HSA if they have a high-deductible health plan (HDHP) as defined by the IRS. Individuals who are 55 or older can make an additional catch-up contribution of up to $1,000, bringing their total contribution limit to $4,600.

It's essential to note that these contribution limits are for individuals; if you have family coverage under an HSA-qualified HDHP, the limits are different.

Health Savings Accounts (HSAs) are an incredible way for individuals to set aside funds specifically for healthcare expenses, all while enjoying tax advantages. For singles, knowing the contribution limits set by the IRS is crucial.

As of 2023, a single person can contribute a maximum of $3,850 to their HSA if they qualify under a high-deductible health plan (HDHP). Those aged 55 or older are eligible for an additional catch-up contribution of up to $1,000, allowing them a generous total of $4,850 for their healthcare savings.

It's also important to highlight that if you are covered under a family plan, the contribution limits differ and can offer even more opportunities for savings.