How Much Per Year Can I Contribute to an HSA?

One of the main benefits of having a Health Savings Account (HSA) is the ability to make tax-deductible contributions to save for medical expenses. So, how much can you contribute to an HSA each year?

For 2021, the annual contribution limit for an individual is $3,600, and for a family, it's $7,200. If you are 55 or older, you can make an additional catch-up contribution of $1,000 per year.

Keep in mind that these limits are set by the IRS and may change from year to year. It's essential to stay informed about the current contribution limits to maximize the benefits of your HSA.

Contributions to an HSA are tax-deductible, grow tax-free, and can be withdrawn tax-free for qualified medical expenses. This triple tax advantage makes HSAs a powerful tool for managing healthcare costs.

When planning for your healthcare expenses, understanding how much you can contribute to your Health Savings Account (HSA) annually is crucial. For the year 2021, the contribution limits are set at $3,600 for individuals and $7,200 for families. If you’re 55 or older, you can take advantage of an additional catch-up contribution of $1,000, which can significantly enhance your medical savings.