How Much Can You Fund in a Health Savings Account (HSA)?

One common question that individuals often have about Health Savings Accounts (HSAs) is how much they can contribute to their accounts. HSAs are a great way to save money for medical expenses while enjoying tax benefits, but there are limits to how much you can fund each year.

In 2021, the maximum annual contribution limit for an individual with self-only coverage is $3,600, while for those with family coverage, the limit is $7,200. If you are 55 or older, you can make an additional catch-up contribution of $1,000 per year.

It's important to note that these contribution limits are set by the IRS and are subject to change each year. Additionally, your contributions can be made through payroll deductions, direct contributions, or a combination of both.

One common question individuals often have about Health Savings Accounts (HSAs) is how much they can contribute to their accounts. HSAs not only help you save money for medical expenses but also offer significant tax benefits. However, be aware that there are contribution limits set by the IRS each year.

For the year 2023, the maximum annual contribution limit for those with self-only coverage is $3,850, while families with family coverage can contribute up to $7,750. Additionally, if you are 55 or older, you are eligible to make a catch-up contribution of $1,000 per year.