How Much Can a 62-Year-Old Put into an HSA Annually?

Health Savings Accounts (HSAs) are a valuable tool for individuals to save and pay for medical expenses tax-free. If you are 62 years old, you may be wondering how much you can contribute to your HSA each year. The good news is that there is no age limit on contributing to an HSA, which means you can continue to save for medical expenses well into your retirement years.

For 2021, individuals aged 55 and older can make an additional catch-up contribution of $1,000, on top of the regular contribution limit. This means that for a 62-year-old, the total annual contribution limit would be as follows:

• Regular annual contribution limit: $3,600
• Catch-up contribution for individuals aged 55 and older: $1,000
• Total HSA contribution limit for a 62-year-old: $4,600

It is important to note that these contribution limits are subject to change each year, so it is advisable to stay updated on the latest HSA contribution limits. Additionally, HSA funds can be used for a wide range of eligible medical expenses, making it a versatile and tax-efficient way to save for healthcare costs.

For individuals who are 62 years old, contributing to a Health Savings Account (HSA) can significantly enhance your financial flexibility as you approach retirement. You’re allowed to maximize your contributions, ensuring that you can cover various healthcare costs without dipping into your regular savings.