How Much Money Can I Put in an HSA Account Per Year?

Many people wonder about the contribution limits for Health Savings Accounts (HSAs) and how much they can put into their HSA accounts each year. An HSA is a tax-advantaged account that allows individuals to save money for medical expenses. Contributing to an HSA can offer significant tax benefits and help individuals cover their healthcare costs.

So, how much money can you put in an HSA account per year? The IRS sets annual contribution limits for HSAs, which may vary depending on whether you have self-only or family coverage.

For 2021, the contribution limits are as follows:

• Self-only coverage: $3,600
• Family coverage: $7,200
• Individuals aged 55 and older can make an additional catch-up contribution of $1,000 per year

It's important to note that these limits are subject to change, so it's essential to stay updated on any adjustments made by the IRS.

Curious about how much you can contribute to your Health Savings Account (HSA) each year? You're not alone! HSAs provide a unique opportunity to save for medical expenses while enjoying tax advantages. Understanding the contribution limits is crucial for effective planning.

The IRS determines how much you can contribute annually, and it varies depending on your coverage type. For 2023, the limits are as follows:

• Self-only coverage: $3,850
• Family coverage: $7,750
• Plus, if you're 55 and older, you still have the option to make an extra catch-up contribution of $1,000!

Keep in mind that these limits can change, so it’s always wise to stay informed about the latest updates from the IRS to maximize your HSA contributions.