How Much Can You Put Into a HSA? Explained in Detail

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax advantages. One common question that arises among individuals considering an HSA is, 'how much can you put into a HSA?'

The contribution limit for an HSA in 2021 is:

• $3,600 for individuals
• $7,200 for family coverage

For individuals aged 55 or older, an additional catch-up contribution of $1,000 is allowed. These limits are set by the IRS and are subject to change each year.

It's important to note that these contribution limits include both your contributions and any contributions made by your employer. If you exceed the allowable contribution limit, you may face tax penalties.

Health Savings Accounts (HSAs) are a fantastic tool for individuals looking to manage their healthcare expenses while taking advantage of tax benefits. One frequently asked question is, 'how much can you contribute to an HSA?' The contribution limits set by the IRS for the year 2021 include:

• $3,600 for individual coverage
• $7,200 for family coverage

Additionally, if you are aged 55 or older, you can contribute an extra $1,000 as a catch-up contribution. Remember, these limits encompass both your contributions and those made by your employer, so be sure not to exceed them to avoid tax penalties.