How Much Can a 65-Year-Old Contribute to an HSA in 2018?

When it comes to Health Savings Accounts (HSAs), individuals aged 65 and older have a unique set of rules governing their contributions. In 2018, if you are 65 years old or older and are enrolled in Medicare, your HSA contribution limit will be prorated based on the months you were eligible. This proration is based on the number of months you were not enrolled in Medicare during the year.

For those aged 65 and older, the annual HSA contribution limit for 2018 is $3,450 for individuals with self-only coverage and $6,900 for those with family coverage. However, if you are eligible for only part of the year, you are allowed to contribute a portion of the full limit based on the number of months you were eligible.

It's important to note that if you turn 65 in the middle of the year and are still covered by an HSA-eligible high-deductible health plan, you can make a full year's contribution for that year.

Understanding Health Savings Accounts (HSAs) is crucial, especially for those aged 65 and older. If you're 65 and enrolled in Medicare, the contribution limits apply differently than for younger individuals. In 2018, the standard annual HSA contribution cap for those with self-only plans is $3,450, while families can contribute up to $6,900. However, if you weren't enrolled in Medicare for the entire year, your contribution limit will be prorated based on the months you had eligibility.