What is the max contribution to HSA for someone over 55?

Health Savings Accounts (HSAs) are an excellent way to save for medical expenses while enjoying tax benefits. For individuals over 55, there is an additional catch-up contribution allowed to help bolster their retirement healthcare funds. The maximum contribution to an HSA for someone over 55 differs slightly from the regular contribution limits.

In 2021, the max contribution to an HSA for someone over 55 is $4,600 for individuals and $8,200 for families. This includes the standard contribution limit as well as the catch-up contribution.

It's important to take advantage of these higher contribution limits if you are over 55, as healthcare expenses tend to increase with age. By contributing the maximum amount to your HSA, you can ensure that you have funds readily available to cover medical costs in retirement.

Did you know that Health Savings Accounts (HSAs) can transform the way you approach healthcare expenses? For those aged 55 and older, there's an added benefit — a catch-up contribution that allows you to maximize your savings more effectively for future medical needs.