How Old Do You Have to Be to Do the HSA Catch Up?

When it comes to HSA catch-up contributions, age is an important factor. If you are 55 or older, you are eligible to make additional catch-up contributions to your Health Savings Account (HSA). This provision allows older individuals to save more for their healthcare expenses as they near retirement.

Unlike the regular contribution limits, which are adjusted annually for inflation, the HSA catch-up contribution limit remains constant for individuals 55 or older. For 2021, the catch-up contribution limit is $1,000, in addition to the regular annual contribution limit.

If you're 55 or older, you have the unique opportunity to boost your savings through HSA catch-up contributions. This means you can deposit an extra $1,000 into your Health Savings Account each year, helping you prepare for the rising costs of healthcare as you approach retirement.