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

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2021 HSA contribution limits by coverage

Many people are curious about how much money they can contribute to their Health Savings Account (HSA) each year. An HSA is a tax-advantaged account that allows individuals to save money for qualified medical expenses. Understanding the contribution limits is essential to making the most of this financial tool.

For 2021, the annual contribution limit for an HSA is $3,600 for individuals and $7,200 for families. This means that individuals can contribute up to $3,600, and those with family coverage can contribute up to $7,200. These limits are set by the IRS and are adjusted annually for inflation.

Combined contributions and 55-plus catch-up

It's important to note that these contribution limits apply to both employee and employer contributions combined. If you are 55 or older, you are eligible to make an additional catch-up contribution of $1,000 per year.

How limits support tax-free medical saving

When considering the annual contribution limits for your Health Savings Account (HSA), it's essential to explore how these limits can help you effectively save for medical expenses tax-free. As of 2021, individuals can set aside up to $3,600, while families can contribute as much as $7,200 per year. Both contributions from employees and employers count towards this limit, allowing you to maximize your savings potential.