What is the maximum HSA contribution for family coverage for those over 55?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. For families with HSA coverage and members over the age of 55, there are specific rules regarding the maximum contribution limit.

Individuals with family coverage in an HSA have the opportunity to contribute additional catch-up contributions once they reach the age of 55. The regular contribution limit in 2021 for family coverage is $7,200, with an additional $1,000 catch-up contribution allowed for those over 55.

For those considering HSA contributions for family coverage and aging individuals over 55, understanding the maximum limits is important for maximizing savings and tax benefits.

Health Savings Accounts (HSAs) not only provide an effective way to save for medical expenses, but they also offer significant tax advantages. For families covered by an HSA who have members aged 55 or older, it’s crucial to be aware of the specific maximum contribution limits and how these can be utilized for maximum savings.