How Much Yearly Can a Single Person Put into an HSA?

If you're considering opening a Health Savings Account (HSA) as a single person, you might be wondering how much you can contribute annually. For the year 2021, as an individual, you can contribute up to $3,600 to your HSA. For individuals aged 55 and older, there is a catch-up contribution of an extra $1,000 per year.

Contributions to an HSA are tax-deductible, meaning you can deduct them from your taxable income when filing your tax return. This can result in significant tax savings, making HSAs a valuable tool for managing healthcare expenses.

Some key points to consider about HSA contributions for single individuals:

• For 2021, the annual contribution limit for individuals is $3,600.
• Individuals aged 55 and older can make an additional catch-up contribution of $1,000 per year.
• HSA contributions are tax-deductible, reducing your taxable income.
• Unused HSA funds roll over from year to year, providing a valuable long-term savings opportunity for healthcare expenses.

As a single individual eyeing the benefits of a Health Savings Account (HSA), you're likely curious about your yearly contribution limits. In 2021, the maximum amount you can contribute to your HSA as an individual is $3,600. If you’re aged 55 or older, you are eligible for a catch-up contribution of an additional $1,000 annually.