How Much Do You Have to Contribute to an HSA?

When it comes to contributing to a Health Savings Account (HSA), the amount you can contribute is determined by the IRS guidelines and depends on several factors.

An HSA is a great way to save for medical expenses while enjoying tax benefits. Here is a breakdown of the contribution limits for HSAs:

• For 2020, individuals can contribute up to $3,550 to their HSA
• Families can contribute up to $7,100
• For people over 55, there is a catch-up contribution of $1,000

It's important to note that these contribution limits can change each year, so it's advised to stay informed about the current limits.

Understanding how much you can contribute to a Health Savings Account (HSA) is essential for maximizing your savings on medical expenses. According to the IRS, the contribution limits are set annually, and for 2020, individuals can set aside up to $3,550 while families can contribute as much as $7,100.