For 2020, individuals can contribute up to $3,550, and families can contribute up to $7,100. For 2019, max contributions for individuals were $3,500, and for families, they were $7,000. If you’re 55+, you can make additional catch-up contributions of $1,000.

One of the perks of an HSA is that there are multiple ways you can build your savings. You can contribute from your paycheck, your employer can contribute to your account, as well as your spouse, your parents, and any other loved one. You can also transfer money from another HSA and you can conduct a one-time transfer from an IRA.

You may have a workplace retirement account such as an 401(k) or 403(b), an individual retirement account (IRA) you have parked at a brokerage, and if you have a health savings account (HSA) you can also use that as a stealth retirement plan.