How Much Money Can I Put in an HSA Annually in 2020?

Health Savings Accounts (HSAs) are a valuable tool for saving money on healthcare expenses. If you're considering opening an HSA or already have one, you may be wondering how much you can contribute annually in 2020.

In 2020, the annual contribution limits for HSAs are:

• Individual coverage: $3,550
• Family coverage: $7,100

It's important to note that these limits include both your contributions and any contributions made by your employer.

Additionally, if you are 55 or older, you can contribute an extra $1,000 as a

Health Savings Accounts (HSAs) are not just about saving money; they are a smart way to prepare for future healthcare costs. For the year 2020, understanding the contribution limits is essential for maximizing your savings.

For individual coverage in 2020, you can contribute up to $3,550 to your HSA, while families can contribute up to $7,100. This amount includes both your personal contributions and any contributions made by your employer.

Don't forget that if you're 55 or older, you have the unique opportunity to add an additional $1,000 to your contributions as a catch-up contribution. This can significantly boost your savings as you prepare for retirement and healthcare costs down the line.