What is the maximum amount you can put in a HSA for an individual?

When it comes to Health Savings Accounts (HSAs), many individuals wonder about the maximum amount they can contribute each year. In 2021, the maximum annual contribution limit for individuals with self-only coverage is $3,600, while for those with family coverage, it is $7,200.

It's essential to note that these limits can change annually based on the cost of living adjustments determined by the IRS. Additionally, individuals over the age of 55 can make catch-up contributions of up to $1,000 per year.

Contributions to HSAs are tax-deductible, meaning they can help reduce your taxable income for the year. The funds in your HSA can be used to pay for a variety of qualified medical expenses, including doctor visits, prescriptions, and even some over-the-counter medications.

The maximum annual contribution limit for a Health Savings Account (HSA) is crucial for individuals looking to maximize their savings for medical expenses. For 2023, the limit for individuals with self-only coverage is $3,850, while those with family coverage can contribute up to $7,750. It's important to check these limits regularly, as they may rise with inflation and IRS adjustments.