What is the HSA Limit for People Over 55 in 2019?

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HSAs and catch-up contributions after 55

Health Savings Accounts (HSAs) are a valuable tool for individuals to save for medical expenses while enjoying tax advantages. For those over 55, there is an additional catch-up contribution limit allowed by the IRS.

In 2019, the HSA contribution limit for people over 55 is $1,000 higher than the standard limit for individuals under 55. This means that individuals over 55 can contribute up to $4,500 for self-only coverage and $7,000 for family coverage.

Why HSA catch-up helps healthcare savings

Having an HSA can provide financial security in managing healthcare costs, especially as people age and may require more medical care. By taking advantage of the catch-up contributions available, individuals over 55 can boost their savings to cover future healthcare expenses.

Health Savings Accounts (HSAs) serve as an excellent savings instrument, particularly for those who are nearing retirement age. If you're over 55, not only do you benefit from tax advantages, but you also receive a chance to make additional contributions!