How Much Money Can You Put in a HSA Per Year?

Are you considering opening a Health Savings Account (HSA) but unsure of how much you can contribute each year? Understanding the maximum contribution limits is essential for maximizing the benefits of your HSA.

As of 2021, the annual contribution limits for an HSA are as follows:

• Individual coverage: $3,600
• Family coverage: $7,200
• If you are over the age of 55, you can make an additional catch-up contribution of $1,000 per year.

It's important to note that these limits are set by the IRS and can change each year. Contributions made by both you and your employer count towards these limits, so be mindful of the total amount being deposited into your HSA.

By maximizing your HSA contributions, you can enjoy tax advantages, flexibility in healthcare spending, and the opportunity to grow your funds for future medical expenses. Be sure to consult with a financial advisor to explore how an HSA can benefit your specific financial goals.

Health Savings Accounts (HSAs) are a smart financial decision for those wanting to save on healthcare costs while establishing a nest egg for future medical needs. If you're wondering, 'how much money can you put in a HSA per year?', it's essential to look at the annual contribution limits set by the IRS.