How Much is Allowed to Put in an HSA a Year?

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2021 HSA maximum contribution amounts

When it comes to Health Savings Accounts (HSAs), many people are curious about the maximum annual contribution allowed. As of 2021, individuals can contribute up to $3,600 in HSA if they have self-only coverage or up to $7,200 if they have family coverage.

Curious about how much you can put into a Health Savings Account (HSA) each year? The IRS sets annual contribution limits, which as of recent years allow individuals with self-only health coverage to contribute up to $3,600, while those with family coverage can contribute as much as $7,200.

Key IRS rules for contribution limits

Here are some key points to understand about HSA contribution limits:

• For those aged 55 and older, there is a catch-up contribution of $1,000 per year on top of the regular limit.
• The annual contribution limits are set by the IRS and are subject to change each year.
• Contributions can be made by the account holder, an employer, or both, but the total contributions cannot exceed the annual limit.
• Unused HSA funds can be carried over from year to year, unlike Flexible Spending Accounts (FSAs), making HSAs a great long-term savings tool for healthcare expenses.
• Contributions to an HSA are tax-deductible, grow tax-free, and withdrawals for qualified medical expenses are also tax-free.