How Much Can Be Contributed Annually to a Family HSA?

One common question individuals have regarding Health Savings Accounts (HSAs) is how much can be contributed annually to a family HSA. When it comes to contributing to a family HSA, there are specific limits set by the IRS each year. These limits can vary depending on various factors such as the number of family members covered under the HSA and whether the HSA is for a high-deductible health plan.

For the year 2021, the maximum annual contribution that can be made to a family HSA is $7,200. This amount applies if the HSA is covering at least two family members. If the HSA is covering only a single individual, the maximum annual contribution is $3,600.

It's important to note that these contribution limits can change each year, so it's essential to stay updated on the current limits set by the IRS. Additionally, individuals who are 55 years or older can make catch-up contributions to their HSA, allowing them to contribute an extra $1,000 annually.

The annual contribution limit for a family HSA is a crucial aspect to consider when planning for medical expenses. As of 2021, the maximum contribution for families stands at $7,200, covering multiple family members under a high-deductible health plan.