How Much Can I Put Into My HSA Annually?

One common question individuals have about Health Savings Accounts (HSAs) is how much they can contribute annually. The allowable annual contribution limit for an HSA varies each year and is set by the IRS. In 2021, for an individual with self-only coverage, the maximum annual contribution is $3,600, and for those with family coverage, it is $7,200.

Contributions to an HSA can be made by the account holder, their employer, or both. It's important to note that the total contributions from all sources cannot exceed the annual limit set by the IRS. If you are 55 or older, you can also make an additional catch-up contribution of $1,000 per year.

It's essential to stay informed about the current HSA contribution limits and any changes that may occur. By maximizing your contributions to your HSA, you can take advantage of the tax benefits and save for future medical expenses.

One frequently asked question regarding Health Savings Accounts (HSAs) is, 'How much can I contribute each year?' The IRS determines the maximum annual contribution limit for HSAs, and in 2021, this limit was $3,600 for individuals with self-only coverage, while families could contribute up to $7,200.