Are there HSA contribution limits once I open an account?
Yes, there are limits on the amount that you may contribute to an HSA. These limits are set by the federal government and are generally updated each year under the government’s health savings account rules and guidelines.
For 2023, the HSA contribution limits are:
- $3,850 for individual coverage
- $7,750 for family coverage
- $1,000 in additional catch-up contributions for individuals between ages 55 to 65
The contribution limits include all contributions made on behalf of the individual (including contributions made by an employee, an employer, a self-employed person, or a family member). If you have more than one HSA, the annual contribution limit applies to the total of all HSAs. You can decide how to contribute to your HSA (one time or multiple times throughout the year) as long as you don’t exceed the maximum allowable annual contribution.