How Much Can I Contribute to My HSA for My Family When I Am Over 60?

As an individual over 60 years old, you can contribute additional catch-up contributions to your Health Savings Account (HSA), which can be a valuable tool for managing healthcare expenses in retirement. In 2021, individuals aged 55 and older can contribute an extra $1,000 per year as catch-up contributions, on top of the standard contribution limits.

For a family HSA plan, the maximum contribution limit for 2021 is $7,200. This limit includes both your contributions and any contributions made by your employer, if applicable. If both spouses are over 55 and have separate HSAs, each can contribute the catch-up amount, effectively doubling the catch-up contribution for the family.

It's important to note that these contribution limits are subject to change, so it's advisable to check the most current limits each year. By maximizing your HSA contributions, you can build a tax-advantaged fund to cover medical expenses in retirement, making it a valuable asset in your financial planning.

If you're over 60, contributing to your Health Savings Account (HSA) can provide you with essential tax benefits and help you manage your healthcare costs, especially during retirement. Aside from the standard contribution limit, you get to add a catch-up contribution of $1,000 each year.