What is the Maximum HSA Catch Up Contribution for 2022?

Health Savings Accounts (HSAs) are a valuable tool for individuals looking to save for medical expenses while enjoying tax benefits. For those aged 55 and older, the IRS allows catch-up contributions to help boost their savings even further. So, what is the maximum HSA catch-up contribution for 2022?

In 2022, the maximum HSA catch-up contribution for individuals aged 55 and older is $1,000. This additional contribution amount is in addition to the regular HSA contribution limits set by the IRS.

For 2022, the regular HSA contribution limits are:

• Individual coverage: $3,650
• Family coverage: $7,300

It's important to note that catch-up contributions can only be made by individuals who are 55 or older by the end of the tax year. Catch-up contributions are a great way for older individuals to maximize their HSA savings and better prepare for medical expenses during retirement.

Health Savings Accounts (HSAs) serve as an incredible financial umbrella, particularly for those aged 55 and over who wish to effectively manage their healthcare costs. The IRS allows you to make a catch-up contribution to your HSA as a way to bolster your savings. In 2022, this catch-up contribution is set at a maximum of $1,000.