How Much Money Can You Deposit in HSA?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. If you're considering opening an HSA, you may be wondering, "how much money can you deposit in HSA?"

The amount you can deposit in an HSA depends on several factors, including your age, the type of HDHP (High Deductible Health Plan) you have, and the calendar year. For 2021, the maximum HSA contribution limits are:

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

These limits include both your contributions and any contributions made by your employer. If you're 55 or older, you can make an additional "catch-up" contribution of $1,000 per year.

It's important to note that these contribution limits can change each year, so be sure to check the latest updates from the IRS. Also, remember that your contributions to an HSA are tax-deductible, and any withdrawals for qualified medical expenses are tax-free.

When it comes to Health Savings Accounts (HSAs), understanding the deposit limits is crucial. As of 2023, those limits have increased, offering even more opportunities for individuals and families to save. For 2023, you can deposit up to $3,850 if you're an individual or $7,750 for a family plan. If you’re 55 or older, don’t forget about the annual catch-up contribution of $1,000.