Can I Add $1000 Catch Up for HSA in 2018 If I'm Over 55? - HSA Awareness

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HSA catch-up eligibility for those over 55

Are you over 55 and wondering if you can add a $1000 catch up contribution for your HSA in 2018? The answer is yes! As you get closer to retirement, it's important to make the most out of your HSA benefits. Let's dive into the details:

Contributions to your HSA account can help you save for medical expenses tax-free, making it a valuable tool for managing healthcare costs in retirement. If you're 55 or older, you're allowed to make an additional catch-up contribution of $1000 on top of the regular contribution limits set by the IRS.

2018 catch-up amounts and contribution limits

Here's a breakdown of how the catch-up contribution works for HSA accounts:

• If you are 55 or older, you can contribute an extra $1000 in 2018.
• The regular contribution limit for individuals is $3450 and $6900 for families in 2018.
• With the catch-up contribution, individuals can contribute up to $4450 and families up to $7900.

Encouragement to maximize the catch-up contribution

Make sure to take advantage of this catch-up contribution if you're eligible, as it can boost your savings for healthcare expenses in retirement. Consult with your HSA provider or financial advisor to ensure you're maximizing the benefits of your HSA account.

Are you over 55 and wondering if you can add a $1000 catch-up contribution to your HSA in 2018? Absolutely! This is a great opportunity to ramp up your savings as retirement approaches.