What is the Maximum Contribution Limit for an HSA?

An HSA, or Health Savings Account, is a great way to save and pay for medical expenses tax-free. One common question that many people have is, 'what is the max you can put in HSA?'. The maximum contribution limit for an HSA changes each year and is set by the IRS. For 2021, the maximum contribution limits are as follows:

• Individual Coverage: $3,600
• Family Coverage: $7,200

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

Contributing the maximum amount to your HSA can help you save a significant amount of money on your medical expenses while also reducing your taxable income. It's a win-win situation that can greatly benefit your financial health.

An HSA, or Health Savings Account, is a powerful tool for managing healthcare costs while enjoying tax benefits. Many individuals ask, 'what is the max you can put in HSA?' The IRS determines the contribution limits annually for everyone. For the year 2023, these limits are:

• Individual Coverage: $3,850
• Family Coverage: $7,750

If you are aged 55 or older, remember that you have the option to make an extra 'catch-up' contribution of $1,000 per year. This can boost your savings considerably, especially as healthcare costs grow.