How Much Can I Deposit Into My HSA Account at RCU?

Health Savings Accounts (HSAs) are a great way to save for healthcare expenses while enjoying tax benefits. If you have an HSA through RCU, you may be wondering how much you can deposit into your account. The good news is that there are specific limits set by the IRS that dictate the maximum amount you can contribute to your HSA each year. For 2021, the contribution limits are as follows:

• Individuals: $3,600
• Family coverage: $7,200

It's important to note that these limits may change from year to year, so it's always a good idea to stay updated on the current regulations. Additionally, individuals age 55 and older can make an additional catch-up contribution of $1,000 per year. This can help boost your savings if you're closer to retirement.

When deciding how much to contribute to your HSA, consider your expected healthcare expenses for the year. You can use your HSA funds for a variety of medical expenses, including doctor visits, prescription medications, and even some over-the-counter items.

By taking advantage of your HSA and contributing up to the maximum allowed amount, you can save money on healthcare costs and build a financial safety net for the future.

Health Savings Accounts (HSAs) provide an incredible opportunity for individuals to save for healthcare costs while also reaping substantial tax benefits. If you're enrolled in an HSA through RCU, you might be curious about the maximum contributions allowed. For the tax year 2021, the IRS has set contribution limits at $3,600 for individuals and $7,200 for families, giving you a solid framework to plan your savings. Remember, these limits can change annually, so keeping track of the latest guidelines is crucial. Furthermore, those aged 55 and older can enhance their HSA contributions with a catch-up amount of $1,000, making it a valuable tool for retirement planning.