How Much Can You Contribute to an HSA Over 55?

Health Savings Accounts (HSAs) are a tax-advantaged way to save and pay for medical expenses. They are available for individuals with a high-deductible health plan (HDHP) and can help you save money for future healthcare costs.

One of the benefits of an HSA is the ability to make catch-up contributions if you are over 55 years old. These catch-up contributions allow older individuals to save more money for their healthcare needs. So, how much can you contribute to an HSA over 55?

For the year 2021, individuals aged 55 and older can contribute an additional $1,000 to their HSA on top of the annual contribution limit set by the IRS. This means that for individuals over 55, the total contribution limit is $8,200 for self-only coverage and $9,200 for family coverage.

It's important to note that these contribution limits are subject to change each year, so it's essential to stay informed about any updates from the IRS regarding HSA contributions.

Health Savings Accounts (HSAs) are incredibly beneficial as they not only allow you to save for current medical expenses, but they also provide tax advantages that can significantly enhance your savings. If you're over 55, you have the unique opportunity to contribute more through catch-up contributions, making your HSA even more valuable.