What Is the Maximum Amount You Can Put in an HSA?

One common question that people often have about Health Savings Accounts (HSAs) is whether there is a maximum amount that can be contributed to them. The answer to this question is yes, there are annual contribution limits set by the IRS.

For 2021, the maximum contribution limit for individuals with self-only coverage is $3,600 and for those with family coverage, it is $7,200. These limits are set to ensure that individuals do not exceed the allowable tax-deductible contributions each year.

It's important to note that individuals aged 55 and older can make an additional $1,000 catch-up contribution to their HSA, allowing them to save even more for future healthcare expenses.

Contributions to an HSA can be made by the account holder, their employer, or a combination of both. However, the total contributions made by all parties must not exceed the annual limits set by the IRS.

When it comes to Health Savings Accounts (HSAs), many people wonder if there are any limits on how much they can contribute each year. Indeed, the IRS sets annual contribution limits for HSAs to encourage saving for medical expenses while still providing tax benefits.