How Much You Can Put Into an HSA Each Year

The IRS sets annual contribution limits that depend on your coverage type

The amount you can contribute to a Health Savings Account in any given year is set by the Internal Revenue Service and changes annually. For 2024, the limits are $4,150 for individual coverage and $8,300 for family coverage. These figures increase most years to account for inflation, so the 2025 limits will be higher — the IRS announces the new amounts in September of the prior year.

Your contribution limit depends on which type of high-deductible health plan you're enrolled in. If you have self-only coverage, you use the individual limit. If your plan covers you plus a spouse, you plus children, or your whole family, you use the family limit. Part-time or seasonal coverage changes how much you can contribute that year, calculated as a fraction of the annual limit based on the months you were covered.

You can contribute the full year's limit even if you enroll partway through the year, as long as you stay covered through December 31 and maintain that coverage into the following January. This is called the "testing period" rule. If you drop your coverage before January 1 of the next year, you must withdraw the excess contribution or face taxes and penalties.

Key Takeaways

• For 2024, you can contribute up to $4,150 to an HSA with individual coverage or $8,300 with family coverage; these limits rise each year.
• Your contribution limit is based on your coverage type on the first day of each month, so a change mid-month doesn't affect that month's limit.
• If you enroll in an HSA-may be able to access plan partway through the year, you can still contribute the full annual limit if you stay covered through December 31.
• Contributions made after the tax year ends can count toward the prior year if you file your tax return by the deadline, including extensions.
• If you're age 55 or older, you can add an extra $1,000 catch-up contribution on top of the standard limit.

How the monthly coverage rule works

The IRS determines your contribution limit based on your coverage type on the first day of each month. If you switch from individual to family coverage on June 15, your limit for June is still based on individual coverage because that's what you had on June 1. Starting in July, your limit shifts to the family amount.

This means you need to track when your coverage changes and adjust your contributions accordingly. If you contributed too much based on a coverage change you didn't account for, you can withdraw the excess before your tax return is due (including extensions) and avoid penalties. The withdrawal itself is not taxed, but any earnings on that excess contribution are taxed and subject to a 20 percent penalty.

Catch-up contributions if you're 55 or older

Once you turn 55, you become may be able to access to contribute an additional $1,000 per year to your HSA on top of the standard limit. This catch-up contribution is available whether you have individual or family coverage — it's always $1,000 extra.

You can make catch-up contributions for as long as you remain enrolled in an HSA-may be able to access plan and are age 55 or older. If you're married and both spouses are 55 or older and both have HSAs, each of you can contribute an additional $1,000 to your own account. You cannot combine the catch-up amounts or contribute one spouse's catch-up to a joint account.

Contribution deadlines and tax filing

You can contribute to your HSA for a given tax year until your tax return is due, including extensions. For the 2024 tax year, that means you have until April 15, 2025, or October 15, 2025, if you file an extension. Contributions made after the calendar year ends but before the tax deadline count toward the prior year.

Your HSA provider may have an earlier deadline for contributions they process directly, so check with them about their cutoff date. If you contribute through payroll deductions, your employer sets the deadline, which is usually in December or early January. Contributions you make yourself to the HSA custodian can typically go in until the tax deadline.

What happens if you contribute too much

If you put more into your HSA than the annual limit allows, the excess amount is subject to a 6 percent excise tax each year it remains in the account. You can correct an excess contribution by withdrawing it and any earnings on it before your tax return is due. The withdrawal itself avoids the excise tax, but the earnings portion is taxed as ordinary income and subject to a 20 percent penalty.

Excess contributions can happen if you have multiple HSAs, if your coverage changes and you didn't adjust your contributions, or if you made catch-up contributions you weren't yet may be able to access for. The IRS Form 8889 is where you report excess contributions on your tax return. If you discover an excess after filing, you can file an amended return to correct it.

Employer contributions count toward your limit

Money your employer contributes to your HSA counts toward your annual limit, not in addition to it. If your employer puts in $2,000 and you want to reach the $4,150 individual limit for 2024, you can only contribute $2,150 more yourself. The total from all sources — you, your employer, and anyone else — cannot exceed the limit.

Your employer should tell you how much they've contributed so you know how much room you have left. If they don't, you can ask your benefits administrator or check your HSA statement. Some employers contribute a set amount; others match a percentage of what you contribute. Either way, it all counts the same toward the limit.

Limits when you lose HSA may be able to access

If you drop your high-deductible health plan coverage during the year, you can no longer contribute to your HSA for that year. Any contributions you made before losing coverage are fine, but you cannot add more. If you enroll in Medicare, switch to a non-HSA-may be able to access plan, or gain coverage under someone else's non-HSA plan, your HSA may be able to access ends immediately.

The one exception is the testing period rule mentioned earlier: if you enroll in an HSA plan partway through the year, you can contribute the full annual limit as long as you stay covered through December 31 and into January 1 of the next year. If you drop coverage before January 1, you must withdraw the excess contribution.

Frequently Asked Questions

Can I contribute to an HSA if I'm also on my spouse's health insurance?

No. If you're covered under any health plan that isn't HSA-may be able to access — including a spouse's plan — you cannot contribute to an HSA. You must be covered only by an HSA-may be able to access plan to make contributions. If your spouse has an HSA-may be able to access family plan that covers you both, you contribute to one HSA using the family limit, not two separate accounts.

What if I enroll in an HSA plan in November — can I still contribute the full year's amount?

Yes, if you stay covered through December 31 and maintain coverage on January 1 of the next year. You can contribute the full annual limit for that year even though you were only enrolled for two months. If you drop coverage before January 1, you must withdraw the excess contribution and any earnings on it.

Do I have to contribute the maximum every year?

No. You can contribute any amount up to the limit, including zero. There is no requirement to contribute at all. Many people contribute less some years and more in others depending on their finances and expected medical costs.

If my employer contributes $3,000, how much can I add?

For 2024 with individual coverage, you can add up to $1,150 (the $4,150 limit minus the $3,000 employer contribution). The total from all sources cannot exceed the annual limit. Check your benefits statement to confirm what your employer has already contributed.

Can I make a catch-up contribution if I turn 55 mid-year?

Yes. Once you turn 55, you become may be able to access for the $1,000 catch-up contribution for that year. You can contribute it anytime before the tax deadline, even if you only turned 55 in December. The catch-up is available for the entire year you turn 55, not prorated by month.