How Much Can You Put in HSA if You are 64?

As you reach the age of 64, you might be wondering about your HSA contributions. Contributions to a Health Savings Account (HSA) are subject to annual limits set by the IRS. These limits can vary depending on your age and whether you have self-only or family coverage.

For individuals who are 55 or older, there is an additional catch-up contribution allowed by the IRS. The catch-up contribution amount is set to help individuals save more for healthcare expenses as they near retirement age.

As of 2021, if you are 64 years old, here is how much you can put in your HSA:

• For self-only coverage: $4,600
• For family coverage: $8,200
• Additional catch-up contribution for individuals 55 or older: $1,000

It's essential to stay informed about the yearly contribution limits set by the IRS, as these amounts can change annually. By maximizing your HSA contributions, you can benefit from tax advantages and save for future healthcare expenses in retirement.

As you celebrate your 64th birthday, it’s the perfect time to review your Health Savings Account (HSA) contributions and optimize your savings for future healthcare needs. You can contribute up to $4,600 if you have self-only coverage, while family coverage allows you to contribute up to $8,200. Plus, being over 55 means you can take advantage of an additional $1,000 catch-up contribution to help boost your savings.