How Much Can I Contribute to an HSA for Last Year? - Understanding HSA Contributions

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IRS limits for individual vs family coverage

When it comes to contributing to a Health Savings Account (HSA), it's essential to understand the limits set by the IRS for each year. For the last year, the contribution limits depended on whether you had individual or family coverage under a high-deductible health plan.

If you had individual coverage , the maximum contribution limit for last year was $3,550. However, if you had family coverage , the limit was higher at $7,100.

How to interpret total yearly contributions

Remember that these contribution limits apply to the total amount contributed for the year, including contributions made by both you and your employer.

Catch-up contributions for ages 55 and older

It's also important to note that individuals aged 55 and older are eligible to make an additional catch-up contribution of $1,000 per year.

When it comes to contributing to a Health Savings Account (HSA), understanding the IRS limits for the year is crucial. If you held individual coverage under a high-deductible health plan, the maximum contribution allowed for the previous year was $3,550. Meanwhile, those with family coverage could contribute up to $7,100, increasing their potential for savings.