HSA Guide
What is the Maximum HSA Contribution Allowed in 2018 for Age 62?
Published September 21, 2024
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Health Savings Accounts (HSAs) are a valuable tool for individuals to save and pay for medical expenses tax-free. As you plan for your healthcare expenses, knowing the maximum HSA contribution allowed for your age is important. In 2018, for individuals aged 55 and older, including those at the age of 62, the maximum HSA contribution allowed was $4,450 for single coverage and $7,900 for family coverage.
Understanding Health Savings Accounts (HSAs) is essential for anyone looking to save on healthcare costs, especially for those at the age of 62. In 2018, individuals aged 55 and above were allowed to contribute a maximum of $4,450 for single coverage and $7,900 for family coverage to their HSAs. This means you can significantly enhance your savings when tackling medical expenses.
Catch-up contributions at age 62+
If you are 62 years old or above, you have the opportunity to make catch-up contributions to your HSA, allowing you to save even more for your healthcare expenses.
Why maximize HSA tax benefits
It is crucial to take advantage of the tax benefits of HSAs and maximize your contributions, especially as you approach retirement and may have increased healthcare needs.