How Much Can I Contribute to My HSA?

One of the most common questions people have about Health Savings Accounts (HSAs) is, 'How much can I contribute to my HSA?' It's an important question to ask because knowing the contribution limits can help you make the most of your HSA benefits.

For 2021, the maximum HSA contribution limits are $3,600 for individuals and $7,200 for families. The good news is that these limits will be increasing slightly for 2022, with the individual contribution limit going up to $3,650 and the family contribution limit increasing to $7,300.

It's important to note that these contribution limits include both your own contributions and any contributions made by your employer. If you're 55 or older, you're also eligible to make an additional 'catch-up' contribution of $1,000 per year.

Remember, the money you contribute to your HSA is tax-deductible, grows tax-free, and can be withdrawn tax-free as long as it's used for qualified medical expenses. So, the more you contribute, the more you can save on taxes and healthcare costs in the long run.

Are you curious about how much you can put into your Health Savings Account (HSA)? Understanding the contribution limits is essential as it can significantly impact your ability to save on healthcare costs and taxes. For 2021, individuals could contribute up to $3,600, while families had a limit of $7,200. In 2022, these limits rose slightly to $3,650 for individuals and $7,300 for families, offering you a bit more flexibility each year.