How Much Can You Put in an HSA Account?

One of the key benefits of having a Health Savings Account (HSA) is the ability to contribute money to it to cover medical expenses. But how much can you actually put into an HSA account?

The Internal Revenue Service (IRS) sets limits on the maximum amount you can contribute to an HSA each year. For 2021, the contribution limits are $3,600 for individuals and $7,200 for families. If you are 55 or older, you can make an additional catch-up contribution of $1,000.

It's important to keep in mind that these limits are subject to change, so it's a good idea to check the current limits with the IRS or your HSA provider.

A Health Savings Account (HSA) offers a remarkable way to save for medical costs, but understanding the contribution limits is crucial. As outlined by the IRS for 2023, individuals can contribute up to $3,650 while families can set aside $7,300. Don’t forget, if you’re 55 years or older, you can also take advantage of a $1,000 catch-up contribution!