What is the Max HSA Contribution?

Health Savings Accounts (HSAs) are a valuable tool for individuals and families to save for medical expenses while enjoying tax benefits. One common question that arises is, what is the maximum HSA contribution allowed?

For 2021, the IRS has set the maximum HSA contribution limits at:

• $3,600 for individuals
• $7,200 for families
• Individuals aged 55 and older can contribute an additional $1,000 as a catch-up contribution

It's important to note that these contribution limits are subject to change each year, so staying informed about the current limits is crucial. Contributing the maximum amount to your HSA can help you maximize your tax savings and build a healthy financial cushion for future healthcare expenses.

Health Savings Accounts (HSAs) are not just a way to save on taxes; they’re also an excellent strategy for planning for future medical expenses. For 2021, the IRS has established the maximum HSA contribution limits, which allow you to contribute to your future health.

• The limit for individual contributors stands at $3,600.
• For family coverage, you can contribute up to $7,200.
• If you're 55 or older, you can make an extra catch-up contribution of $1,000.

These limits are reevaluated by the IRS each year, making it vital to stay updated to ensure you make the most of your contributions. By hitting the maximum contribution amount, you position yourself better for years of potential healthcare expenses.