How Much Money Can I Keep in My HSA?

If you have a Health Savings Account (HSA), you may be wondering how much money you can keep in it. Let's explore this question and provide you with the information you need to make the most of your HSA.

An HSA is a tax-advantaged savings account that you can use to pay for qualified medical expenses. Here's what you need to know about how much money you can keep in your HSA:

• For 2021, individuals can contribute up to $3,600 to their HSA, while families can contribute up to $7,200. If you are 55 or older, you can make an additional catch-up contribution of $1,000.
• Unlike Flexible Spending Accounts (FSAs), the money in your HSA rolls over from year to year. There is no
  

  If you have a Health Savings Account (HSA), you may be curious about the amount of money you can keep in it. Understanding your HSA limits can help you manage your medical expenses wisely.

  An HSA is a tax-advantaged savings account designed specifically for healthcare costs. For the year 2021, the contribution limits are set at $3,600 for individuals and $7,200 for families. Additionally, if you're 55 or older, you can benefit from an extra catch-up contribution of $1,000, allowing you to save even more for your healthcare needs.

  The best part about an HSA is that the funds do not expire at the end of the year. Unlike Flexible Spending Accounts (FSAs), any unused money will roll over, which means you can grow your savings over time.