How Much You Can Contribute to an HSA Each Year

The annual contribution limit depends on your health plan type and family size

The IRS sets a maximum amount you can put into a health savings account each year. For 2024, the limit is $4,150 if you have individual coverage, or $8,300 if you have family coverage. These limits change most years — the IRS announces the new amounts in the fall for the following year.

Your contribution limit is tied directly to the type of high-deductible health plan (HDHP) you're enrolled in. If you switch plans mid-year or drop coverage, your limit for that year changes. The limit applies to all your HSAs combined — if you have more than one account, you cannot exceed the annual maximum across all of them.

You can contribute the full year's limit even if you open your HSA late in the year, as long as you had an HDHP in place for that tax year. However, if you enroll in an HDHP partway through the year, your limit is reduced proportionally by the number of months you were not covered.

Key Takeaways

• The 2024 HSA contribution limit is $4,150 for individual coverage and $8,300 for family coverage, with limits increasing most years.
• Your limit applies to all HSAs you own combined, so you cannot split contributions across multiple accounts to exceed the maximum.
• If you enroll in an HDHP partway through the year, your annual limit is reduced by one-twelfth for each month you were not covered.
• People age 55 and older can contribute an additional $1,000 per year as a catch-up contribution, on top of the standard limit.
• Contributions made after the tax year ends can count toward the previous year if deposited by the tax filing deadline, typically April 15.

How the limit changes year to year

The IRS adjusts HSA contribution limits annually based on inflation. The adjustment is tied to the cost of health insurance premiums. You will see the new limits announced in September or October for the following calendar year.

Recent limits have been: $3,850 individual / $7,750 family in 2023, and $4,150 individual / $8,300 family in 2024. The increase from year to year is usually modest — often $50 to $150 per tier — but it compounds over time if you contribute the maximum every year.

Your employer may also contribute to your HSA on your behalf. Employer contributions count toward your annual limit. If your employer puts in $2,000 and you put in $2,000, you have reached the $4,150 individual limit and cannot contribute more that year.

Catch-up contributions if you are 55 or older

Once you turn 55, you become may be able to access for an additional catch-up contribution of $1,000 per year. This is separate from the standard limit and applies for every year you remain 55 or older and have an HDHP.

The catch-up contribution continues until you enroll in Medicare. Once you are on Medicare, you can no longer contribute to an HSA at all — though you can still withdraw money from an existing HSA for may have access to medical expenses.

If you turn 55 partway through the year, you can make the full $1,000 catch-up contribution for that year. You do not need to wait until the following year.

What happens if you contribute too much

If you put more money into your HSA than the annual limit allows, the excess amount is subject to a 6% excise tax each year it remains in the account. The excess is also added to your taxable income for that year.

To fix an overcontribution, you must withdraw the excess amount plus any earnings it generated. The earnings are taxable income, and the 6% penalty applies until you remove the money. You have until the tax filing deadline (usually April 15 of the following year) to withdraw the excess and avoid the penalty for that tax year.

If you discover an overcontribution after the deadline, you can still withdraw it, but the 6% penalty will have already applied. You report the overcontribution and penalty on Form 8889 when you file your taxes.

Contributions made after the year ends

You can make contributions to your HSA after December 31 and have them count toward the previous year's limit, as long as you deposit the money by the tax filing deadline — usually April 15. This is sometimes called a "catch-up contribution" in the timing sense, though it is different from the age-55 catch-up contribution.

Your HSA provider must allow this, and you will need to specify which tax year the contribution is for. Not all providers make this easy, so check with your account administrator before sending money in January or February if you want it to count for the prior year.

This option is useful if you did not maximize your contribution during the calendar year but want to use up your full allowance before the tax deadline.

How to track your contributions across employers

If you change jobs mid-year or have multiple employers, you are still limited to one annual maximum across all HSAs. You are responsible for tracking the total yourself — the IRS does not automatically prevent you from overcontributing.

When you leave a job, your HSA stays with you. You own it, not your employer. If your new employer offers an HSA, you can continue contributing to your existing account or open a new one, but your combined contributions for the year cannot exceed the limit.

Keep records of all contributions from every source: your own deposits, employer contributions, and any catch-up contributions. When you file your taxes, you report the total on Form 8889.

Frequently Asked Questions

Can I contribute to an HSA if I have a spouse with their own HDHP?

Yes, but each of you has your own separate limit. If you are married and both have individual HDHPs, you each get the individual limit ($4,150 in 2024). If you both have family coverage under the same plan, you share one family limit ($8,300 in 2024) and must decide how to split contributions between your two accounts.

What if I lose my HDHP coverage mid-year?

Your contribution limit for that year is reduced. If you had HDHP coverage for six months, your limit is half the annual amount. You can still contribute up to that reduced limit, and you can continue to withdraw from your HSA for may have access to medical expenses even after you lose coverage.

Do employer contributions reduce my personal contribution limit?

Yes. If your employer contributes $1,500 to your HSA, you can only contribute $2,650 more in 2024 (assuming individual coverage). You and your employer together cannot exceed $4,150. Ask your employer how much they plan to contribute so you know your remaining room.

Can I contribute to an HSA and a Flexible Spending Account in the same year?

No. You cannot have both an HSA and a dependent care FSA in the same year. You can have an HSA and a limited-purpose FSA (which covers only dental and vision), but not a general medical FSA. Choose one or the other based on your expected health expenses.

What if I contribute more than the limit by accident?

Withdraw the excess plus earnings by April 15 of the following year to avoid the 6% penalty. If you miss the deadline, the 6% excise tax applies each year the excess sits in the account. Report the overcontribution and penalty on Form 8889 when you file your taxes.