How Much Can a Person 55 Years Old Contribute to an HSA?

When it comes to Health Savings Accounts (HSAs), individuals aged 55 and older have the opportunity to make additional contributions beyond the standard limits. As of 2021, the maximum contribution for those 55 and older is $4,650 for self-only coverage and $8,100 for family coverage.

Here are some key points to consider:

• Individuals aged 55 and older can make catch-up contributions to their HSA.
• Catch-up contributions allow older individuals to save more for healthcare expenses in retirement.
• The additional catch-up contribution amount is $1,000 per year.
• These extra contributions can provide a significant boost to retirement savings for healthcare.

Turning 55 is a milestone that comes with exciting opportunities, especially when it comes to Health Savings Accounts (HSAs). Not only can you save for healthcare expenses, but you also have the privilege of making additional contributions. For example, the total maximum contribution amount you can stash away if you have self-only coverage is now $4,650, while those with family coverage can contribute up to $8,100 as of 2023.