How Much Can You Contribute to an HSA Account Per Year?

When it comes to contributing to a Health Savings Account (HSA), the amount you can contribute per year is subject to specific limits set by the IRS. These limits can change annually, so it's essential to stay updated on the current guidelines to make the most of your HSA benefits.

For the year 2021, the IRS has set the following contribution limits for HSAs:

• Individual coverage: $3,600 per year
• Family coverage: $7,200 per year

It's important to note that these limits include both your contributions and any contributions made by your employer. If you are 55 or older, you can make an additional catch-up contribution of $1,000 per year.

Contributing to a Health Savings Account (HSA) is an excellent way to save money on healthcare expenses, and it's crucial to be aware of the annual contribution limits. For the tax year 2021, the IRS has set limits at $3,600 for individuals and $7,200 for families. Remember, these amounts include both your contributions and any contributions from your employer. Plus, if you’re aged 55 or older, you can take advantage of an additional catch-up contribution of $1,000 per year to maximize your savings.