How Much Can I Contribute to My HSA in 2018 If I Am Over 55?

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2018 HSA eligibility for age 55+

If you are over 55 years old in 2018, you are eligible for additional catch-up contributions to your Health Savings Account (HSA). HSAs offer a tax-advantaged way to save for medical expenses, and the extra contributions for older individuals can help bolster your healthcare savings.

For 2018, if you are 55 or older, you can contribute an additional $1,000 above the standard HSA contribution limits set by the IRS. This means that for individuals over 55, the total contribution limits are:

Total 2018 catch-up contribution limits

• $3,450 (individual coverage) + $1,000 catch-up contribution = $4,450 total
• $6,900 (family coverage) + $1,000 catch-up contribution = $7,900 total

Why older savers should use catch-up

These catch-up contributions can provide valuable extra savings for healthcare costs as you near retirement and potentially face higher medical expenses. By taking advantage of the additional contributions allowed for older individuals, you can further secure your financial wellness in later years.

If you’re over 55 and looking to maximize your healthcare savings in 2018, the extra $1,000 catch-up contribution to your Health Savings Account (HSA) can significantly bolster your savings strategy. This tax-advantaged account is designed to help you save for medical expenses, making it a smart choice as you approach retirement.