What is the max you can put into HSA?

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Annual HSA contribution limits and IRS updates

Health Savings Accounts (HSAs) are a fantastic way to save and pay for your medical expenses tax-free. But what is the maximum amount you can contribute to your HSA each year?

The maximum contribution limit for an HSA can change annually based on the IRS guidelines. As of 2021, for individuals, the maximum contribution is $3,600, and for families, it is $7,200.

Health Savings Accounts (HSAs) are not only a great way to set aside money for your medical expenses tax-free, but they also offer incredible flexibility when it comes to managing your healthcare costs. The IRS updates the maximum contribution limits annually, and currently, for 2023, the contribution limits are $3,850 for individuals and $7,750 for families.

Who can contribute and catch-up eligibility

Contributions to an HSA can be made by you, your employer, or both. If you are 55 or older, you can make an additional catch-up contribution of $1,000 per year.

Why contribution limits matter for benefits

It's essential to be aware of the contribution limits to ensure you are maximizing the benefits of your HSA. By contributing the maximum allowed amount, you can take advantage of tax savings and build up a fund that will help cover medical expenses now and in the future.