HSA Guide
How Much is the Annual HSA Contribution?
Published September 30, 2023
Check eligibility on the go — browse 7,000+ HSA-eligible products in the free app.
Get the app2021 and 2023 HSA contribution limits
One common question many individuals have about Health Savings Accounts (HSAs) is how much can be contributed annually. The IRS sets limits on annual HSA contributions, which are subject to change each year. For 2021, the maximum annual contribution for an individual with self-only coverage is $3,600, and for those with family coverage, the limit is $7,200.
The annual contribution limits for Health Savings Accounts (HSAs) are crucial to understand for effective financial planning. For the year 2023, the maximum contribution for individuals with self-only coverage is $3,850 and for family coverage, it is $7,750. The IRS typically adjusts these limits annually, so it's wise to stay informed.
Combined contributions and 55+ catch-up
It's important to note that these contribution limits include both employee and employer contributions combined. If you are 55 or older, you are allowed to make an additional catch-up contribution of $1,000 per year.
Tax-deductible contributions for savings
Contributions to an HSA are tax-deductible, meaning you can reduce your taxable income by the amount you contribute to the account. This can lead to significant tax savings, making HSAs a valuable tool for managing healthcare costs.