How Much Can You Annually Contribute to HSA?

One common query individuals have about Health Savings Accounts (HSAs) is how much they can contribute annually. The contributions for HSA are limited by the IRS, and it's good to be aware of these limits to make the most out of your HSA benefits.

For 2021, the annual contribution limits for HSA are:

• Individual Coverage: $3,600
• Family Coverage: $7,200

However, for individuals aged 55 and older, an additional catch-up contribution of $1,000 is allowed. This means individuals in this age bracket can contribute up to $4,600 for individual coverage and $8,200 for family coverage.

It's crucial to note that these contribution limits may change annually due to inflation adjustments. It's essential to stay informed about any updates the IRS may release regarding HSA contribution limits to maximize the benefits of your HSA.

Curious about how much you can put into your Health Savings Account (HSA) each year? The IRS sets annual contribution limits to ensure that you can save for healthcare expenses while reaping significant tax benefits.