Contributions can be made by you, your employer, or a third party (e.g. family member or friend).
Contributions can either be made on a tax-free basis through a Section 125 Plan or directly into the account on a tax-deductible basis. The IRS sets the maximum annual contribution limit. Generally, HSA contributions do not have to be prorated; however, certain exceptions and conditions apply.
IRS Contribution Limits | Single Coverage | Family Coverage |
Contribution Limit (2022) | $ 3,650 | $ 7,300 |
Contribution Limit (2021) | $ 3,600 | $ 7,200 |
Contribution Limit (2020) | $ 3,550 | $ 7,100 |
Contribution Limit (2019) | $ 3,500 | $ 7,000 |
Additional Catch-up Contribution (for those 55 and older) | $ 1,000 | $ 1,000 |
Contributions can be made at any time up until the tax filing deadline, typically April 15. For the 2020 tax year, additional extensions may be available.