How much per month can you deposit in an HSA?

Health Savings Accounts (HSAs) are a valuable tool for saving money for medical expenses while enjoying tax benefits. One common question that arises for HSA account holders is how much they can deposit into their accounts each month.

The amount you can deposit into an HSA per month is determined by the annual HSA contribution limits set by the IRS. For 2021, the contribution limits are:

• $3,600 for individuals
• $7,200 for families

These contribution limits are subject to change each year, so it's essential to stay updated on the current limits set by the IRS. If you are age 55 or older, you may also be eligible for catch-up contributions, allowing you to contribute an additional $1,000 per year.

It's important to note that the monthly contribution amount would depend on how many months are left in the year. For example, if you open an HSA mid-year, your monthly contribution limit would be prorated based on the remaining months in the year.

Health Savings Accounts (HSAs) are not just savings accounts; they are tax-advantaged tools designed to help you save for future medical expenses. Knowing how much you can deposit into your HSA each month is crucial for effective planning.