How Much Can I Claim Towards My HSA?

If you have a Health Savings Account (HSA) or are considering opening one, you may have wondered how much you can claim towards it. Understanding the contribution limits and guidelines of an HSA is crucial to maximizing its benefits. Here's what you need to know:

Contributions towards an HSA:

• For 2021, individuals can contribute up to $3,600, and families can contribute up to $7,200 to their HSA. Those aged 55 and older can make an additional catch-up contribution of $1,000.
• These contributions are tax-deductible, meaning you can reduce your taxable income by contributing to your HSA.

What you can claim towards your HSA:

• Medical expenses that are considered eligible under the IRS guidelines can be claimed towards your HSA.
• This includes expenses like doctor's visits, prescription medications, dental care, vision care, and certain medical supplies.
• It's essential to keep track of your medical expenses and save your receipts to ensure you can claim them towards your HSA.

By knowing how much you can contribute and understanding what expenses you can claim towards your HSA, you can make the most of this valuable healthcare savings tool.

If you’re eyeing a Health Savings Account (HSA) but aren’t sure about the contribution limits, you’re not alone! Many people are perplexed by the rules surrounding HSAs. In 2023, individuals can contribute up to $3,850, while families can save up to $7,750. Plus, if you're 55 or older, you can add an extra $1,000!