HSA contribution limits for 2015 are $3,350 for individuals and $6,650 for families. Those age 55 and older can contribute an additional $1,000 per year. HSA contribution limits are complicated by partial eligibility factors, as we describe below.
- Traditional IRA Contribution Limits
- Roth IRA Contribution Limits
- SIMPLE IRA Contribution Limits
- SEP IRA Contribution Limits
- Traditional 401k Contribution Limits
- Roth 401k Contribution Limits
- One-Participant 401k Contribution Limits
- Coverdell ESA Contribution Limits
- HSA Contribution Limits
HSA Contribution Limits
The table below shows HSA contribution limits.
Employees and their employers can both make HSA contributions to employee accounts.
HSA contribution limits are simplified in the table above, but they depend on the kind of High Deductible Health Plan (HDHP) the taxpayer has, their age, the date they became eligible, and the date they stop being eligible.
An individual with only HDHP coverage has HSA contribution limits of $3,300 in 2014 and $3,350 in 2015. A family with HDHP coverage has HSA contribution limits of $6,550 in 2014 and $6,650 in 2015.
Those age 55 and over can make additional HSA catch-up contributions of $1,000 per year, regardless of whether their plan is for an individual or a family.
Owners of HSA accounts who weren’t considered eligible for the entire year have reduced HSA contribution limits.
To figure out if you’re eligible to make HSA contributions, see the IRS information on qualifying for an HSA by clicking here. Those who face reduced HSA contribution limits can figure their limits by following the somewhat complex IRS instructions here.
HSAs or Health Savings Accounts are a way to set aside money tax free to pay for medical expenses.
HSAs have to be set up through a qualified trustee such as a bank or insurance company. HSA contributions can be deducted from taxes even if the taxpayer doesn’t itemize deductions. Employers can contribute to employee HSAs without including them in the employee’s taxable income.
To qualify for an HSA, a taxpayer has to be enrolled in a high deductible health plan and have no other health coverage. Anyone enrolled in Medicare or claimed as a dependent on someone else tax return is prohibited from contributing to an HSA.
Other HSA Contribution Limits and Facts
- HSA contributions stay in the HSA account until the account holder uses them.
- Interest earned by investing contributions in HSA accounts is tax free.
- Distributions from HSAs for paying medical expenses is tax free.
- HSA contributions travel with an employee who changes jobs.
- Family members can make contributions to HSA accounts.
- Self employed HSA contribution limits are the same as regular HSA contribution limits.
- For more information on HSA contribution limits, see IRS Publication 969.
For more savings information, see our article on traditional IRA contribution limits.