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

When it comes to saving for medical expenses, a Health Savings Account (HSA) can be a great tool to help you set aside funds tax-free. One common question people have is how much money they can contribute to their HSA account per year.

The maximum annual contribution limit for an individual with self-only coverage for the year 2021 is $3,600, while for those with family coverage, the limit is $7,200. However, it's essential to keep in mind that these limits can change each year due to inflation adjustments.

Contributions to an HSA can be made by both you and your employer, and these combined contributions cannot exceed the annual limits set by the IRS. If you are 55 or older, you can make an additional catch-up contribution of $1,000 per year.

Curious about how much you can contribute to your Health Savings Account (HSA)? For the year 2023, the IRS has set the contribution limit at $3,850 for individuals with self-only coverage and $7,750 for family coverage. Additionally, if you're aged 55 and older, you’re allowed to add an extra $1,000 catch-up contribution, helping you maximize those tax-free savings for your medical expenses!