What is the max I can put in my HSA?

When it comes to your Health Savings Account (HSA), you may wonder what the maximum contribution limit is. The good news is that the maximum amount allowed to contribute to your HSA can change annually, and it is set by the IRS.

For 2021, the maximum contribution limit for an individual with self-only coverage is $3,600, and for those with family coverage, it is $7,200. If you are at least 55 years old, you can contribute an additional $1,000 as a catch-up contribution.

It's essential to keep in mind that these contribution limits are subject to change, so it's a good idea to stay updated on any revisions made by the IRS.

Understanding your Health Savings Account (HSA) is crucial, especially when it comes to knowing the maximum contribution limits. As of 2023, the IRS allows an individual with self-only coverage to contribute up to $3,850, while those with family coverage can contribute a maximum of $7,750. If you are 55 or older, don’t forget that you can still make that additional $1,000 catch-up contribution to boost your savings.