The IRS has announced higher health savings account (HSA) contribution limits for the 2021 tax year.
Starting January 1, 2021, you can save even more and boost your financial well-being in retirement.
The 2021 maximum HSA contributions are:
- $3,600 Individual – $50 increase from 2020
- $7,200 Family – $100 increase from 2020
- Additional $1,000 Catch-up contributions if you are 55 and older.
If you currently have an HSA plan, you should confirm your deposits are on pace for your 2020 goals. You may want to move some savings into your HSA if you’ve spent less than expected this year. It’s a tax-free way to cover future medical expenses.
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