What is the IRS Limit for HSA Account?

When it comes to managing your health expenses and savings, having an HSA (Health Savings Account) can be a valuable tool. But do you know what the IRS limit for HSA account contributions is?

The IRS sets limits on how much you can contribute to your HSA each year. For 2021, the limit for an individual with self-only coverage is $3,600, while for those with family coverage, the limit is $7,200.

Contributions to an HSA are tax-deductible, grow tax-free, and can be withdrawn tax-free for qualified medical expenses. This makes HSAs a great way to save for future healthcare costs while enjoying tax benefits.

An HSA, or Health Savings Account, is a smart financial move, especially when it comes to managing your healthcare spending. But do you know what the current IRS limits for contributions are? For 2022, the limit for individuals with self-only health coverage is $3,650, whereas for families, the limit increases to $7,300. Understanding these limits is crucial to maximize your savings.