How Much Can You Put in a HSA? All You Need to Know

Have you ever wondered how much you can put in a Health Savings Account (HSA)? Understanding the contribution limits of an HSA is crucial for maximizing the benefits of this tax-advantaged savings tool. Let's dive in and explore the ins and outs of HSA contributions!

Contributing to an HSA allows you to set aside pre-tax funds to cover qualified medical expenses. Here is a breakdown of the contribution limits for HSAs:

• For 2021, the annual contribution limit for individuals is $3,600 and $7,200 for families. If you are 55 or older, you can make an additional catch-up contribution of $1,000.
• For 2022, the annual contribution limit for individuals is $3,650 and $7,300 for families, with the same catch-up contribution amount for those 55 or older.

Have you ever wondered how much you can put in a Health Savings Account (HSA)? Maximizing the benefits of this tax-advantaged savings tool hinges on understanding the contribution limits of an HSA. Let's explore the current rules around HSA contributions!

Contributing to an HSA enables you to set aside pre-tax dollars specifically for qualified medical expenses, which can be a game-changer when it comes to managing healthcare costs. Here’s a detailed breakdown of the contribution limits:

• In 2021, the annual contribution limit was set at $3,600 for individuals and $7,200 for families. Additionally, if you were 55 or older, you had the option to make an extra catch-up contribution of $1,000.
• In 2022, these limits increased slightly, with the individual limit being $3,650 and $7,300 for total family contributions, while the catch-up contribution remained unchanged for those aged 55 and above.