How Much Can I Put into My Health Equity HSA?

When it comes to your Health Equity HSA, you may be wondering how much you can contribute to it. Contributions to an HSA are tax-deductible, the money in the account grows tax-free, and withdrawals are tax-free when used for qualified medical expenses.

As of 2021, the IRS has set contribution limits for HSAs:

• For individuals, the limit is $3,600.
• For families, the limit is $7,200.
• If you are 55 or older, you can contribute an additional $1,000 as a catch-up contribution.

It's important to keep in mind that these limits are subject to change each year, so it's a good idea to stay informed about the current limits.

Contributions can be made by you, your employer, or both. If your employer contributes to your HSA, the total contributions from both you and your employer cannot exceed the annual limit set by the IRS.

Understanding the contribution limits of your Health Equity HSA is essential for maximizing the benefits of this tax-advantaged account. Be sure to consult with a financial advisor or tax professional for personalized guidance based on your individual situation.

Wondering how much you can add to your Health Equity HSA? The contribution limits are key to maximizing your savings potential. As of the latest IRS guidelines, individuals can contribute up to $3,600, while families can contribute as much as $7,200. Plus, if you're 55 or older, you can top it off with an extra $1,000!