How Much is Allowed to Put into an HSA?

If you're considering opening a Health Savings Account (HSA) or already have one, you may be wondering how much you're allowed to contribute to it. The contribution limits for HSAs are set by the IRS each year and are subject to change based on inflation and other factors.

For 2021, the maximum annual contribution amount for an individual with self-only coverage is $3,600, while for those with family coverage, the limit is $7,200. These limits include both your contributions and any contributions made by your employer.

It's important to note that individuals aged 55 and older can make an additional catch-up contribution of $1,000 per year. This means older account holders can contribute up to $4,600 for self-only coverage and $8,200 for family coverage in 2021.

If you're looking to maximize the benefits of your Health Savings Account (HSA), understanding the contribution limits is crucial. As of 2023, these limits continue to evolve with inflation. For individuals with self-only coverage, the maximum contribution is $3,850, while for family coverage, the limit is $7,750. Remember, these amounts include what both you and your employer can contribute.