Is the HSA Maximum Per Person? Understanding HSA Contribution Limits

Health Savings Accounts (HSAs) are a great way to save for medical expenses while taking advantage of tax benefits. One common question that arises is about the HSA maximum per person.

The HSA maximum contribution limit per person is set by the IRS each year. It varies depending on whether you have self-only coverage or family coverage under a high deductible health plan.

For 2021, the HSA contribution limits are as follows:

• Self-only coverage: $3,600
• Family coverage: $7,200

It's important to note that these limits include both your contributions and any contributions made by your employer. If you are 55 or older, you are allowed to make an additional catch-up contribution of $1,000 per year.

Remember, the HSA maximum contribution limits are subject to change each year, so it's essential to stay informed about the current limits to make the most of your HSA.

Health Savings Accounts (HSAs) provide an excellent opportunity to save for medical expenses while also reaping impressive tax benefits. Understanding the HSA maximum per person is crucial to maximizing your savings.