How much can I contribute to HSA as a person over 55?

If you are over 55, you have the opportunity to make additional catch-up contributions to your Health Savings Account (HSA). HSA catch-up contributions are meant to help individuals save more for healthcare expenses as they near retirement age. Not only can HSAs offer tax advantages, but they can also serve as a valuable tool for accumulating funds to cover medical costs in retirement.

For those aged 55 or older, the catch-up contribution limit for HSA can change annually as determined by the IRS. As of 2021, individuals over 55 can contribute an extra $1,000 to their HSA beyond the regular annual contribution limit. This additional catch-up contribution allows older individuals to boost their savings and better prepare for healthcare expenses in their later years.

If you are over 55, it's a great time to consider maximizing your Health Savings Account (HSA) contributions. The IRS allows those aged 55 and older to make additional catch-up contributions, effectively helping you save more for unexpected healthcare costs as retirement approaches.