The annual deposit limit depends on your coverage type and changes each year

The amount you can put into a health savings account is set by the IRS and increases most years to keep pace with inflation. For 2024, the limit is $4,150 if you have individual coverage, or $8,300 if you have family coverage. These numbers are the maximums for the entire calendar year across all HSAs you own — if you have two accounts at different banks, your combined deposits cannot exceed the limit.

The IRS announces new limits in October for the following year, so the 2025 limits will be different from 2024. If you turn 55 during the year, you can add an extra $1,050 on top of the regular limit (this is called a catch-up contribution), but only for that year forward. The limit resets on January 1 each year, so any unused balance rolls over and stays in your account indefinitely.

Key Takeaways

  • The 2024 limit is $4,150 for individual coverage and $8,300 for family coverage, and these amounts increase most years.
  • Your limit applies to all HSAs you own combined, so opening a second account does not give you a second deposit allowance.
  • If you turn 55 or older, you can deposit an additional $1,050 per year on top of the regular limit.
  • Money you do not deposit in a given year does not roll over to the next year's limit — you lose the opportunity to deposit it.
  • Your employer may contribute to your HSA, and that counts toward your annual limit, so you need to know what they are putting in.

How employer contributions affect your personal deposit limit

If your employer puts money into your HSA, that amount counts toward your annual limit. If your employer contributes $2,000 and you have individual coverage with a $4,150 limit, you can only deposit $2,150 of your own money that year. You need to track what your employer has already contributed before you deposit anything yourself, or you will accidentally exceed the limit and face tax penalties.

Your employer should tell you the contribution amount in writing, usually in your benefits materials or in a separate notice. If you are unsure, ask your HR or benefits department directly. Some employers contribute the same amount every year; others vary it. If your employer makes contributions throughout the year, ask whether they do it all at once or in installments, because that affects when you can safely deposit your own money.

What happens if you deposit more than the limit

If you put in more than the IRS allows, the excess amount is subject to income tax plus a 6 percent excise tax. The 6 percent tax applies every year the excess stays in the account, so the penalty compounds if you do not fix it. You have until the tax filing important date (usually April 15 of the following year) to withdraw the excess and avoid the penalty, but you must also withdraw any earnings that money made while it was in the account.

The easiest way to avoid this is to calculate your limit before you make any deposits. Write down the annual limit for your coverage type, subtract what your employer has contributed, and deposit only what remains. If you are unsure of your employer's contribution, contact your benefits administrator before you deposit anything.

Catch-up contributions if you are 55 or older

Once you turn 55, you can deposit an extra $1,050 per year (in 2024) on top of your regular limit. This is called a catch-up contribution and is designed to let older workers save more for health costs in retirement. If you turn 55 on December 31, you can make the catch-up contribution that year. If you turn 55 on January 1, you can make it starting that day.

The catch-up amount also increases with inflation most years, so check the current limit when you turn 55. Unlike the regular limit, the catch-up contribution is yours alone — your employer cannot contribute to it on your behalf, though some employers do offer matching contributions that count toward your regular limit.

Coverage changes and mid-year limit adjustments

If you change your coverage type during the year — for example, you move from individual to family coverage — your annual limit changes on the date the coverage change takes effect. You calculate a new limit based on the number of months you will have each coverage type. If you had individual coverage ($4,150 annual limit) for six months and then switched to family coverage ($8,300 annual limit) for six months, your limit for that year would be roughly $6,225 (half of each limit).

This also applies if you lose HSA-may be able to access coverage during the year. If you drop your high-deductible health plan in July, your limit for that year is reduced to reflect only the months you were covered. You will need to calculate the exact amount based on when the coverage ended. If you have already deposited more than your adjusted limit, you must withdraw the excess by the tax important date.

Limits across multiple accounts and rollovers

The annual deposit limit applies to all HSAs you own, not to each account separately. If you have an HSA with your current employer and also maintain an old HSA from a previous job, your combined deposits across both accounts cannot exceed the annual limit. You can move money between your own accounts without limit (this is called a rollover), but moving money does not create new deposit room.

Some people keep multiple HSAs because different banks offer different investment options or lower fees. This is allowed, but you must track your total deposits across all accounts to stay within the limit. Many HSA providers have tools to help you see your total contributions, but ultimately you are responsible for knowing the number.

How to find the current year's limit

The IRS publishes the annual HSA limits on its website and typically announces them in October for the following year. Your HSA provider should also display the current limit in your account dashboard or in their annual disclosure documents. If you cannot find it, you can call your HSA bank or administrator and ask for the current year's contribution limit for your coverage type.

Some employers also include the limit in their benefits summary or open enrollment materials. If you are shopping for an HSA before you have coverage, the provider's website will show you the 2024 and 2025 limits. Do not rely on a number from more than a year ago, because the limit changes almost every year.

Frequently Asked Questions

Can I deposit the full annual limit even if I only had HSA-may be able to access coverage for part of the year?

No. Your limit is reduced based on the number of months you had coverage. If you enrolled in a high-deductible health plan on July 1, you can only deposit roughly half the annual limit. The exact amount depends on the specific dates, so contact your HSA provider or employer to calculate it.

What if my employer contributes after I have already deposited my own money?

You may exceed the limit. Ask your employer when they make contributions (all at once or throughout the year) before you deposit anything. If you do exceed the limit, you must withdraw the excess and any earnings by the tax filing important date to avoid penalties.

Does my spouse's HSA limit affect mine?

No. Each person has their own limit based on their own coverage. If you and your spouse both have individual HSAs, you each have a $4,150 limit (in 2024). If you are on a family plan together, you share one family limit of $8,300 combined.

Can I deposit money to my HSA after the year ends?

No. You can only deposit during the calendar year. You have until the tax filing important date to withdraw excess contributions if you went over the limit, but you cannot make new deposits after December 31.

Does the catch-up contribution limit increase every year like the regular limit?

Yes. The catch-up amount of $1,050 is the 2024 figure and increases most years. Check the IRS website or your HSA provider when you turn 55 to confirm the current catch-up limit.