How Much Can a Self Employed Person Contribute to an HSA?

As a self-employed individual, you have the flexibility to contribute to a Health Savings Account (HSA) to help manage your healthcare expenses while reducing your taxable income. So, how much can a self-employed person contribute to an HSA?

For 2021, the annual contribution limits for self-only coverage is $3,600 and for family coverage is $7,200. However, if you are 55 or older, you can make an additional catch-up contribution of $1,000.

Contributions to an HSA are tax-deductible, grow tax-free, and can be withdrawn tax-free for qualified medical expenses. It's a great way to save for healthcare costs both now and in the future.

As a self-employed individual, contributing to a Health Savings Account (HSA) can significantly ease the burden of healthcare expenses while offering tax advantages. For 2021, you can contribute up to $3,600 if you have self-only coverage, or $7,200 for family coverage. Additionally, those aged 55 and older can benefit from a catch-up contribution of $1,000, which can provide even greater savings potential.