Can I Make a Catch Up Contribution to My HSA for 2017?

If you are considering making a catch-up contribution to your HSA for 2017, it is important to understand the rules and limits that apply to such contributions.

For 2017, individuals with qualifying high deductible health plans (HDHP) can make catch-up contributions if they are 55 years or older by the end of the tax year and have not enrolled in Medicare.

The catch-up contribution limit for 2017 is $1,000 in addition to the regular HSA contribution limits.

It's important to note that catch-up contributions are there to help individuals save more for healthcare expenses as they approach retirement age.

Be sure to check with your HSA provider or financial advisor to ensure that you are eligible and compliant with all the regulations when making a catch-up contribution to your HSA for 2017.

If you're wondering about making a catch-up contribution to your HSA for 2017, it's essential to understand the specific guidelines that govern these contributions. For individuals aged 55 or older by the end of the 2017 tax year, who are enrolled in a qualifying high deductible health plan (HDHP) and not yet enrolled in Medicare, the opportunity to make catch-up contributions is available. The limit set for catch-up contributions in 2017 is an additional $1,000 on top of the standard contribution limits. Making these additional contributions can be a strategic way to bolster your savings for healthcare expenses as you near retirement.