What is the maximum contribution limit for a health savings account?

The maximum contribution limit for a Health Savings Account (HSA) is set by the IRS each year. For 2021, the maximum annual contribution limit for an individual with self-only coverage is $3,600, and for individuals with family coverage, it is $7,200. These limits include both employee and employer contributions, but exclude catch-up contributions for individuals aged 55 and older. It's important to note that these limits may change annually, so it's advisable to check with the IRS or consult your plan provider for the most up-to-date information. HSAs provide individuals with a tax-advantaged way to save and pay for eligible healthcare expenses, making it a valuable tool in managing medical expenses.