How Much Money Can We Put Towards HSA?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. One common question people have about HSAs is how much money they can put towards them.

The amount of money you can contribute to your HSA is determined by the IRS and may vary each year. For 2021, the contribution limits are:

• Individuals: $3,600
• Family: $7,200

Individuals aged 55 and older can also make an additional catch-up contribution of $1,000 per year.

It's important to note that these contribution limits are set by the IRS and may change annually. It's a good idea to stay informed about any updates to these limits.

Health Savings Accounts (HSAs) are a fantastic tool for those looking to manage their healthcare costs effectively while benefiting from significant tax savings.

The contribution limits for HSAs are set by the IRS and can fluctuate yearly, impacting how much you can contribute. In 2021, these limits were established as follows:

• For individuals: a maximum of $3,600
• For families: up to $7,200

Additionally, if you're aged 55 or older, you can enhance your contributions with a catch-up option, allowing an extra $1,000 per year.

Keep in mind that these figures are subject to change, so it's wise to stay updated annually to maximize your contributions.