How Much Can I Contribute to My HSA? - Understanding HSA Contribution Limits

Many people wonder how much they can contribute to their HSA (Health Savings Account) each year. HSA contribution limits can vary depending on several factors, such as your age, type of health insurance plan, and the number of months you are eligible to contribute to an HSA.

For 2021, the annual contribution limits for HSAs are:

• Individual coverage: $3,600
• Family coverage: $7,200

These limits are set by the IRS and are subject to change each year. It's important to check the current limits before making contributions to your HSA. Additionally, individuals aged 55 or older can make catch-up contributions of up to $1,000 per year.

Understanding the HSA contribution limits is crucial for maximizing the benefits of your Health Savings Account. For the year 2023, the IRS has set the annual contribution limits at:

• Individual coverage: $3,850
• Family coverage: $7,750

As a bonus, individuals aged 55 and older can take advantage of an additional catch-up contribution of $1,000. Staying informed about these limits can help ensure you're financially prepared for medical expenses.