What's the Max Amount I Can Put in My HSA?

Many individuals are curious about the maximum amount they can contribute to their Health Savings Account (HSA). Understanding this limit is crucial for planning your healthcare expenses effectively. The maximum contribution limit for an HSA is set by the IRS each year.

For 2021, the maximum contribution limits are:

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

Contributions to an HSA are tax-deductible, grow tax-free, and can be withdrawn tax-free for qualified medical expenses. It's important to stay within the maximum limits to avoid penalties. Always check with your HSA provider for the most up-to-date information on contribution limits and rules.

The maximum amount you can contribute to your Health Savings Account (HSA) varies from year to year, so it’s essential to keep yourself updated. For 2022, the IRS set the limit at $3,650 for individuals and $7,300 for families, ensuring you can effectively save for your healthcare costs.