What is the Maximum Additional Catch-Up Amount Eligible Individuals Can Contribute Annually to an HSA?

If you are looking to save more for your healthcare expenses in a tax-advantaged way, a Health Savings Account (HSA) could be a great option for you. An HSA allows you to contribute pre-tax dollars to be used for qualified medical expenses.

One benefit of HSAs is the ability for eligible individuals, those aged 55 or older, to make additional catch-up contributions above the annual contribution limit. This extra contribution can help older individuals save more for their healthcare needs.

So, what is the maximum additional catch-up amount eligible individuals can contribute annually to an HSA? The maximum additional catch-up contribution amount for 2021 is $1,000. This means individuals aged 55 or older can contribute up to $4,650 (individual coverage) or $8,250 (family coverage), plus an additional $1,000 in catch-up contributions.

Have you ever thought about how a Health Savings Account (HSA) can enhance your ability to pay for medical expenses? If you're 55 or older, you have the amazing opportunity to make additional catch-up contributions to your HSA, allowing you to maximize your savings for healthcare needs.