How Much Can I Contribute to My HSA Per Year?

One of the key benefits of having a Health Savings Account (HSA) is the ability to contribute funds to help cover your medical expenses. When it comes to determining how much you can contribute to your HSA per year, there are several factors to consider.

For 2021, the annual contribution limits for HSAs are $3,600 for individuals and $7,200 for families. These limits are set by the IRS and can vary from year to year. It's important to stay informed about any changes in the contribution limits to make the most of your HSA.

Additionally, if you are 55 or older, you are eligible to make an additional catch-up contribution of $1,000 per year. This can help boost your HSA savings even further as you near retirement age.

Understanding HSA contribution limits is crucial for effective financial planning. For 2023, individuals can contribute up to $3,850, while families can contribute as much as $7,750. It’s essential to keep an eye on these limits as they can change annually.