How Much Can You Contribute to an HSA Plan If You Are Over 50?

Are you wondering how much you can contribute to a Health Savings Account (HSA) if you are over 50? Well, you're in the right place to find out!

For those aged 55 and older, the annual contribution limit to an HSA is higher than for younger individuals. In 2021, individuals over 55 can make an additional catch-up contribution of $1,000 on top of the standard contribution limit.

The contribution limit for 2021 is $3,600 for individuals with self-only coverage and $7,200 for those with family coverage. With the catch-up contribution, the total contribution limits for those over 55 are $4,600 for self-only coverage and $8,200 for family coverage.

Keep in mind that these contribution limits are set by the IRS and can change from year to year, so it's important to stay informed about any updates or changes that may affect your HSA contributions.

Did you know that if you're over 50, you can contribute even more to your Health Savings Account (HSA)? This is a great way to boost your savings for healthcare expenses as you prepare for retirement.