How Much Can I Contribute to My HSA?

One of the key benefits of having an HSA (Health Savings Account) is the ability to contribute funds tax-free for medical expenses. So, how much can you actually contribute to your HSA?

For 2021, the annual contribution limit for individuals with self-only coverage is $3,600 and for those with family coverage, the limit is $7,200. If you are 55 or older, you can make an additional catch-up contribution of $1,000 per year.

It's important to note that these contribution limits are set by the IRS and are subject to change each year. Be sure to check the current limits before making contributions to your HSA.

Understanding how much you can contribute to your Health Savings Account (HSA) is essential for maximizing your savings. These accounts offer exceptional tax benefits while helping you put aside money for medical expenses.