What Is the Maximum Amount You Can Put in an HSA?

Health Savings Accounts (HSAs) are a valuable tool for saving and paying for medical expenses while enjoying tax benefits. One common question that arises when people consider opening an HSA is, 'What is the maximum amount you can contribute to an HSA?'

The maximum contribution limit for an HSA is set by the IRS each year. For 2021, the maximum annual contribution for individuals with self-only coverage is $3,600, and for those with family coverage, the limit is $7,200.

It's important to note that these contribution limits include both your own contributions and any contributions made by your employer. If you are 55 or older, you can make an additional catch-up contribution of $1,000 per year.

Contributing the maximum allowable amount to your HSA can help you build a substantial balance over time to cover future medical expenses, including deductibles, copayments, and other qualified medical costs.

Health Savings Accounts (HSAs) not only offer a way to save for medical expenses but also provide significant tax advantages. Understanding the maximum contribution limits for HSAs can empower you to make the most of this financial tool. For the tax year 2021, individuals with self-only health coverage can contribute up to $3,600, whereas those with family coverage can contribute up to $7,200.