Can I Contribute to My HSA Account Every Year? | HSA Awareness

Yes, once you have an HSA (Health Savings Account), you can contribute to it every year to save for qualified healthcare expenses. An HSA is a tax-advantaged savings account that allows individuals with high-deductible health plans to set aside money for medical costs.

Contributions to an HSA can be made by you, your employer, or both, and the funds in the account can be used to pay for qualified medical expenses such as doctor visits, prescriptions, and certain medical procedures.

Here are some key points to know about contributing to your HSA account every year:

• You can contribute to your HSA as long as you are enrolled in a high-deductible health plan (HDHP).
• For 2021, the maximum annual contribution limit for individuals is $3,600, and for families, it is $7,200.
• If you are 55 or older, you can make an additional catch-up contribution of $1,000 per year.
• Contributions to your HSA are tax-deductible, meaning you can reduce your taxable income by the amount you contribute to the account.
• The funds in your HSA can be invested, allowing them to potentially grow over time.

Overall, having an HSA and contributing to it regularly can help you save for healthcare expenses both now and in the future, providing a valuable financial resource for managing your medical costs.

Absolutely! Once you're the lucky owner of an HSA (Health Savings Account), you have the freedom to contribute to it every year, helping you build a significant nest egg for those pesky healthcare expenses that always seem to pop up.