How Much HSA Contribution If I Turned 55 in 2018?

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Turning 55 affects HSA contributions

Turning 55 can have an impact on your Health Savings Account (HSA) contributions. If you turned 55 in 2018, you may be eligible for an additional catch-up contribution to your HSA.

When you turn 55, you can contribute an extra $1,000 to your HSA on top of the regular contribution limit set by the IRS for that year.

In 2018, the HSA contribution limits were $3,450 for individuals and $6,900 for families. With the catch-up contribution for individuals aged 55 and older, the total contribution limit for individuals in 2018 would be $4,450, and for families, it would be $7,900.

Turning 55 in 2018 opens the door for you to boost your Health Savings Account (HSA) contributions significantly. If you're savvy with your finances, this extra contribution can be a game-changer for your healthcare savings.