What is the maximum contribution limit for people over 55 to HSA?

Health Savings Accounts (HSAs) are a great way to save and pay for medical expenses tax-free. For individuals over the age of 55, there is a provision that allows for additional catch-up contributions to their HSA accounts. So, what is the maximum amount people over 55 can contribute to their HSA?

The answer is that individuals over 55 can contribute an extra $1,000 per year on top of the regular contribution limits allowed for their HSA. This catch-up provision is designed to help older individuals save more for their medical expenses as they near retirement.

It's important to note that HSA contribution limits can change annually, so staying informed about the current limits is essential. As of 2021, the maximum contribution limit for individuals over 55 is:

• Individual coverage: $4,650
• Family coverage: $8,250

These contribution limits include both your own contributions and any contributions made by your employer, if applicable. By taking advantage of the catch-up contributions allowed for individuals over 55, you can further boost your HSA savings and better prepare for healthcare costs in retirement.

Health Savings Accounts (HSAs) are a powerful tool that allows individuals to save money for medical expenses while enjoying tax benefits. For those aged 55 and above, there's an incredible opportunity to increase your savings through an additional catch-up contribution. Wondering how much more you can add to your HSA? The answer is straightforward: you can contribute an extra $1,000 each year on top of the regular limits. This catch-up contribution is a great way to ensure that you're prepared for any unexpected healthcare costs as you approach retirement.