Only those with high-deductible health plans can open an HSA. This account covers current and future medical expenses and offers tax benefits. HSA owners must decide how much to deposit monthly or annually.

Here are some key guidelines for determining how much to contribute to an HSA: In 2020, individuals can put $3,550 in HSAs. Family HSAs can receive $7,100. 55-year-olds can add $1,000 to an HSA. Learn how to get employer HSA contributions. Unused funds can be carried over.

IRS limits annual HSA contributions. Individual HSAs can hold $3,550 in 2020. 2020 family HSA contribution limit is $7,100. 55-year-olds can add $1,000 to their HSA.

HSA contributions offer tax breaks. William Sweetnam, legislative and technical director at Employers Council on Flexible Compensation and former U.S.

If you can't max out your HSA, choose another amount. Find out if your employer will contribute to your HSA, match your contributions, or make a wellness contribution.

“If your employer matches your contributions or contributes to your HSA, that's essentially free money in your HSA,” says WEX Health's Jeff Bakke.

You own your HSA. Changing jobs won't affect your account. Changing health plans during the year may disqualify you from contributing.

If you are no longer HSA-eligible, your maximum contribution for the year is prorated for the number of months you were enrolled in an HSA-eligible plan, says Mark Andraos, a financial planner in Ramsey, New Jersey.