What is the Maximum HSA Contribution for Individuals Age 50 and Over in 2018?

If you are over the age of 50 and looking to contribute to a Health Savings Account (HSA) in 2018, you may be wondering what the maximum contribution limit is for individuals in your age group. The maximum HSA contribution amount for those 50 and older in 2018 is $1,000 higher than the limit for younger individuals.

For the tax year 2018:

• Individuals under 55: The maximum contribution limit was $3,450
• Individuals 55 and older: The maximum contribution limit was $4,450

It's essential to take advantage of the higher contribution limit if you fall into the 50 and over category, as it allows you to save more money tax-free for qualified medical expenses in retirement.

If you are currently over the age of 50 and planning to contribute to a Health Savings Account (HSA) in 2018, you're likely curious about what the maximum contribution limit is for your age group. For the year 2018, the maximum HSA contribution for individuals aged 50 and over is set at $4,450, which is a full $1,000 more than the maximum of $3,450 for those under 55. This additional catch-up contribution is a beneficial opportunity for individuals nearing retirement to bolster their savings.

This catch-up contribution feature allows older individuals to save significantly more money tax-free for qualified medical expenses, especially crucial as healthcare costs often rise as we age.