What is the max HSA contribution per year?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. One common question that arises among individuals considering an HSA is: What is the maximum HSA contribution per year?

For the year 2021, the maximum HSA contribution limits are:

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

It's essential to note that these contribution limits are set by the IRS and are subject to change each year based on inflation.

Contributions to an HSA are tax-deductible, meaning you can deduct them from your taxable income, reducing your overall tax liability. Additionally, any interest or investment earnings on the HSA funds are tax-free.

By contributing the maximum allowed amount to your HSA, you can enjoy significant tax savings while building a fund for future medical expenses.

Health Savings Accounts (HSAs) are a fantastic way to take charge of your healthcare costs while enjoying valuable tax benefits. A frequently asked question is, what is the maximum HSA contribution per year?

For the year 2021, the IRS set the maximum contribution limits at:

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

Keep in mind that these amounts may change annually, so it's wise to stay informed about the limits for each new year. Contributing to an HSA not only helps you save for future medical needs but also offers you a significant tax advantage.