HSA: How much money can I contribute to my Health Savings Account?

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Health Savings Account contributions are capped as to how much you can contribute each year for tax benefit.

Individual coverage maximums are the lesser of:

• The annual deductible amount for the qualfied High Deductible Health Plan purchased.  Or
• $2700 (indexed for inflation after 2006)

Family coverage maximums are the lesser of:

• The annual deductible amount of the qualified High Deductible Health Plan puruchsed.  Or
• $5450 (indexed for inflation after 2006)

In addition to the maximum contributions ammount, a catch up provision applies to individuals between the ages of 55 and 65 years old.  This provision allows these individuals to contribute an extra amount.

The annual contribution limit is pro-rated for monthly contributions.  Take the annual contribution devided by 12 to figure the monthly maximum.

The only way you may contribute the full annual amount at once is if you were to contribute on January 1st.  Contributions made later than January 1st must be pro-rated.