How Much Can a Couple Contribute to an HSA If You Are Over 55?

Health Savings Accounts (HSAs) are a valuable tool for individuals and couples to save money for medical expenses while enjoying tax advantages. When it comes to couples over the age of 55, there are specific rules and contribution limits in place for HSAs.

For couples over 55, the contribution limit for an HSA is higher than for younger individuals. The maximum contribution limit for a couple over 55 is $9,000 for the tax year 2021. This amount includes both the individual and catch-up contributions.

Here are some key points to remember about HSA contributions for couples over 55:

• Couples over 55 can contribute up to $9,000 to their HSA for the tax year 2021.
• This contribution limit includes both the regular contribution amount and the catch-up contribution.
• The catch-up contribution for individuals over 55 is $1,000 per person, which is in addition to the regular contribution limit.
• Both spouses in the couple must be over 55 to take advantage of the higher contribution limit.
• Contributions to an HSA are tax-deductible, grow tax-free, and can be withdrawn tax-free for qualified medical expenses.

By maximizing contributions to an HSA, couples over 55 can build up a significant fund to cover medical expenses in retirement. It's important to consult with a financial advisor or tax professional to ensure you are following the rules and making the most of your HSA contributions.

Health Savings Accounts (HSAs) offer a smart way for couples, particularly those over 55, to save strategically for healthcare costs, all while benefiting from substantial tax breaks. For the tax year 2021, these couples can combine their efforts to contribute up to $9,000 to their HSA, incorporating both the regular contribution and the valuable catch-up contribution.