How Much HSA Contribution Each Year?

When it comes to Health Savings Accounts (HSAs), you may wonder how much you can contribute each year. Understanding the contribution limits and guidelines can help you make the most of this tax-advantaged savings tool.

For the 2021 tax year, the annual contribution limits for HSAs are:

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

These limits are set by the IRS and are subject to change each year. It's essential to stay informed about any updates to contribution limits to maximize the benefits of your HSA.

When it comes to Health Savings Accounts (HSAs), you may find yourself pondering how much you can contribute each year. Knowing the contribution limits is vital for optimizing this valuable tax-advantaged savings vehicle.

For the 2023 tax year, the annual contribution limits for HSAs have increased to:

• $3,850 for individuals
• $7,750 for family coverage

These limits, established by the IRS, are revised annually to reflect inflation and changes in healthcare costs. Staying updated on these limits is crucial for leveraging the full benefits of your HSA, and potentially saving thousands on healthcare expenses.