How much can I put in my HSA in 2020 if I am over 65?

If you are over 65 and have a Health Savings Account (HSA), you may be wondering about the contribution limits for 2020. For individuals aged 55 or older, there is a special 'catch-up' provision that allows for additional contributions to your HSA.

In 2020, the maximum contribution limits for HSAs are:

• Individual coverage: $3,550
• Family coverage: $7,100

However, if you are 55 or older, you can contribute an extra $1,000 as a catch-up contribution. So, if you are over 65, the total contribution limits for 2020 would be:

• Individual coverage: $4,550 ($3,550 + $1,000)
• Family coverage: $8,100 ($7,100 + $1,000)

It's important to note that these limits are for the total contributions made to your HSA, including both your contributions and any contributions made by your employer.

If you are over 65 and have a Health Savings Account (HSA), understanding the contribution limits for 2020 is crucial for maximizing your savings. As of 2020, individuals aged 55 or older can benefit from a special 'catch-up' contribution, allowing for additional deposits into your HSA.

The contribution limits for HSAs in 2020 are set at:

• Individual coverage: $3,550
• Family coverage: $7,100

For those aged 55 and older, there’s an opportunity to contribute an extra $1,000, making the revised limits for individuals over 65 as follows:

• Individual coverage: $4,550 ($3,550 + $1,000)
• Family coverage: $8,100 ($7,100 + $1,000)

Keep in mind these limits include not only your contributions but also any employer contributions towards your HSA.