What is the max I can put in my HSA in 2020?

If you are considering contributing to a Health Savings Account (HSA) in 2020, you might be wondering what the maximum contribution limit is for the year.

For individuals, the maximum HSA contribution limit for 2020 is $3,550, and for families, it is $7,100. These limits are set by the IRS and are adjusted annually.

However, if you are 55 years or older, you are allowed to make an additional catch-up contribution of $1,000 per year.

Contributions to an HSA are tax-deductible, grow tax-free, and withdrawals for qualified medical expenses are also tax-free.

It's essential to stay informed about the contribution limits and rules associated with HSAs to make the most of this valuable savings tool.

As you prepare your contributions to a Health Savings Account (HSA) for 2020, it's crucial to know the maximum limits set by the IRS.

For individuals, the contribution cap is $3,550, while families can contribute up to $7,100. These limits are designed to help you save for future medical expenses efficiently.

If you’re aged 55 or older, don’t forget that you can also make an additional catch-up contribution of $1,000, allowing you to save even more.

Remember that contributions to your HSA are tax-deductible, which means you can reduce your taxable income while saving for your health care needs.