How Much Can I Contribute to HSA?

If you have a Health Savings Account (HSA) or are considering opening one, you may be wondering how much you can contribute to it. Your HSA allows you to save money tax-free for qualified medical expenses, but there are limits to how much you can contribute each year.

For 2021, the maximum annual contribution amount for individuals is $3,600, and for families, it is $7,200. If you are 55 or older, you can make an additional catch-up contribution of $1,000 per year. These limits are set by the IRS and may change each year based on inflation.

It's important to note that not everyone is eligible to contribute the maximum amount to an HSA. Your contribution limit may be affected by factors such as your health insurance plan type and coverage, your age, and the number of months you were eligible to contribute to an HSA during the year.

Wondering about the contribution limits for your Health Savings Account (HSA)? In 2021, individuals can put in up to $3,600, while families can contribute up to $7,200. Plus, if you're aged 55 or older, you can add an extra $1,000 as a catch-up contribution! Just keep in mind that these limits can change annually based on inflation.