What is the maximum I can put into HSA account?

When it comes to contributing to your HSA (Health Savings Account), it's essential to know the maximum amount you can put in. For 2021, the maximum contribution limits are:

• $3,600 for individuals
• $7,200 for families
• For those aged 55 and older, an additional $1,000 catch-up contribution is allowed

These limits are set by the IRS and are subject to change on an annual basis. It's worth noting that these contributions are made on a pre-tax basis, meaning they can lower your taxable income.

When it comes to contributing to your HSA (Health Savings Account), knowing the maximum contribution limits is crucial for effective financial planning. As of 2023, the IRS has set the maximum contribution limits at:

• $3,850 for individuals
• $7,750 for families
• Additionally, if you're aged 55 and older, you can take advantage of a catch-up contribution of $1,000.

This means that if you're eligible, you can set aside a significant amount to help cover your medical expenses while also enjoying the tax benefits associated with these contributions. Remember, these contributions are made pre-tax, allowing you to reduce your taxable income, which in turn may lower your overall tax bill.