5. How much can I contribute to my Health Savings Account (HSA)?

Maximum yearly contributions (and associated tax deduction) are determined as follows:

• For individuals, it is $2,900 in 2008
• For families, it is $5,800 in 2008

You do not have to contribute the maximum each year, although some Health Savings Accounts require a small minimum monthly contribution.

Note: If you are between the ages of 55 and 65, you can make an additional annual "catch up" contribution (of up to $700 in 2006.)

*If you enroll in an HSA-eligible health plan in the middle of the calendar year, your maximum contribution for the first year will be prorated based on the number of months you have the HSA-eligible health plan. For example, if your individual health plan's annual deductible is $2400, and you enroll in the HSA-eligible plan on June 1st, then your maximum contribution for the first year can be up to $1400 (i.e. 7/12 of $2400). If you are enrolled for all twelve calendar months, then you can contribute the amount of the deductible up to the annual maximum allowed.

< 4. What insurance plans are HSA-eligible? | 6. Is my money safe? >

More HSA (Health Savings Accounts) information:

1. What is an HSA?
2. Why should I get an HSA?
3. What are qualified medical expenses?
4. What insurance plans are HSA-eligible?
5. How much can I contribute to my HSA?
6. Is my money safe?
7. How do I use the funds in my HSA?
8. How do the tax savings work?
9. How can I get an HSA?

Get your HSA quote! When you get your results, be sure to click on the HSA button after entering in your age, zip code, etc. to filter for HSAs