How Much Money Can I Put in a New HSA at 58 Years Old?

When you are 58 years old and looking to open a new Health Savings Account (HSA), you may wonder how much money you can contribute. As a seasoned individual planning for healthcare expenses in retirement, understanding the limits and benefits of an HSA is crucial. Here is some helpful information to guide you:

• For individuals aged 55 and older, the HSA contribution limits are higher than for younger individuals.
• In 2021, if you have self-only coverage, you can contribute up to $4,600 to your HSA, and if you have family coverage, the limit is $8,200.
• As you are 58 years old, you can make an additional catch-up contribution of $1,000 on top of the standard contribution limit.
• Therefore, if you have self-only coverage, your total contribution limit would be $5,600, and if you have family coverage, it would be $9,200.
• Contributions to an HSA are tax-deductible, grow tax-free, and can be withdrawn tax-free for qualified medical expenses.

By maximizing your HSA contributions, you can enjoy tax benefits and build a healthcare nest egg for your future needs. It's essential to consult with a financial advisor to explore your options and make the most of your HSA at 58 years old.

At 58 years old, opening a new Health Savings Account (HSA) is a smart financial move for your future healthcare costs. You’re allowed to contribute up to $5,600 if you have self-only coverage, or $9,200 with family coverage, including a catch-up contribution.