How Much Can I Contribute to an HSA Individual Plan?

When it comes to contributing to a Health Savings Account (HSA) with an individual plan, there are limits set by the IRS that you need to be aware of. The amount you can contribute to your HSA varies each year, so it's important to stay informed on the current limits.

For 2021, the maximum annual contribution for an individual with self-only coverage is $3,600. If you are 55 or older, you can make an additional catch-up contribution of $1,000, bringing your total potential contribution to $4,600.

It's important to note that these limits are subject to change, so be sure to check with the IRS or your financial advisor for the most up-to-date information. Additionally, contributions to your HSA can be made by you, your employer, or both, as long as they do not exceed the annual limit.

When considering how much you can contribute to a Health Savings Account (HSA) with an individual plan, it's essential to know the annual contribution limits set by the IRS. For 2023, the maximum contribution for an individual with self-only coverage is $3,850. If you're 55 or older, you can also take advantage of a catch-up contribution of $1,000, allowing a total potential contribution of $4,850.