How Much Can I Put Into My HSA Account in 2020?

When it comes to Health Savings Accounts (HSAs), many people wonder about the contribution limits for the year. In 2020, the maximum amount you can put into your HSA account depends on whether you have self-only or family coverage.

For self-only coverage, the maximum contribution limit for 2020 is $3,550. If you have a family health insurance plan, the limit increases to $7,100. However, if you are 55 or older, you are allowed to make an additional catch-up contribution of $1,000.

It's important to note that these contribution limits are set by the IRS and are subject to change each year. Additionally, the money you contribute to your HSA is tax-deductible, grows tax-free, and can be withdrawn tax-free for qualified medical expenses.

Understanding the contribution limits for your Health Savings Account (HSA) is vital for maximizing your healthcare savings. In 2020, the limit varies based on your insurance coverage. For those with self-only coverage, you can contribute up to $3,550, while family coverage allows for up to $7,100. If you're aged 55 or older, you can also add an extra $1,000 as a catch-up contribution.