How Much Can You Contribute to an HSA?

One common question that many people have about Health Savings Accounts (HSAs) is how much they can contribute to it. The contribution limits for HSAs are determined by the IRS each year.

For 2021, the maximum contribution limit for individuals with self-only coverage is $3,600, and for individuals with family coverage, the limit is $7,200. These limits include both your contributions and any contributions made by your employer.

If you are 55 or older, you are allowed to make an additional catch-up contribution of $1,000 per year. This means that individuals with self-only coverage who are 55 or older can contribute a total of $4,600, and those with family coverage can contribute up to $8,200. It's important to note that these limits can change each year, so it's a good idea to check with the IRS or your financial advisor for the most up-to-date information.

When considering Health Savings Accounts (HSAs), it's essential to know the contribution limits set by the IRS each year. In 2021, individuals with self-only coverage can contribute up to $3,600, while those with family coverage can contribute as much as $7,200. These amounts encompass both personal and employer contributions.