What is the Maximum Allowable HSA Contributions for a Single Person?

When it comes to maximizing your health savings account (HSA) contributions as a single person, it's essential to understand the current limits set by the IRS.

For 2021, the maximum allowable HSA contribution for a single individual is $3,600, along with an additional catch-up contribution of $1,000 for those aged 55 and older.

Contributions to your HSA are tax-deductible and can be used to pay for qualified medical expenses, making it a valuable tool for saving and managing healthcare costs.

It's worth noting that these contribution limits are subject to change annually, so it's important to stay informed about any updates from the IRS.

As a single individual looking to maximize your health savings account (HSA) contributions, it’s crucial to keep track of the IRS limits that are updated yearly. For 2023, the maximum contribution is set at $3,850, while those over 55 can add an extra $1,000.