How Much Can You Contribute in HSA Account?

If you have a Health Savings Account (HSA) or are considering opening one, you might be wondering how much you can contribute to it. Your HSA contribution limit is determined by various factors, including your age, type of health insurance plan, and the number of months you are enrolled in the HSA-eligible plan for the year.

For 2021, the annual HSA contribution limits are as follows:

• Individual Coverage: $3,600
• Family Coverage: $7,200
• Catch-Up Contribution (age 55 or older): $1,000

These contribution limits are set by the IRS and are subject to annual adjustments for inflation. It's important to note that both you and your employer can contribute to your HSA, but the total contributions cannot exceed the annual limit.

Here are some key points to consider regarding HSA contributions:

• Contributions are tax-deductible, reducing your taxable income.
• Any interest or investment earnings in your HSA are tax-free.
• Unused funds roll over from year to year, unlike FSAs where funds are
  

  If you have a Health Savings Account (HSA) or are considering opening one, you might be curious about HSA contribution limits. These limits are influenced by several factors including your age, health insurance plan type, and how long you've been enrolled in an HSA-eligible plan each year.

  For the tax year 2023, the annual HSA contribution limits are:

  • Individual Coverage: $3,850
  • Family Coverage: $7,750
  • Catch-Up Contribution (for those aged 55 or older): $1,000

  These limits, set by the IRS, are adjusted for inflation annually. Remember, both you and your employer can contribute to your account, but the total amount must not exceed the established yearly maximum.