When Can HSA Catch Up Contributions Be Made?

Health Savings Accounts (HSAs) provide individuals with a way to save for medical expenses while enjoying tax benefits. One important feature of HSAs is the ability to make catch-up contributions, which allow account holders aged 55 and older to contribute additional funds beyond the annual contribution limit. These catch-up contributions can be made at any time during the year, as long as certain criteria are met.

To be eligible to make catch-up contributions to your HSA, you must:

• Be 55 years or older
• Be enrolled in an HSA-qualified high deductible health plan (HDHP)
• Not be enrolled in Medicare

If you meet these requirements, you can make catch-up contributions to your HSA at any point during the year. This flexibility allows older individuals to boost their HSA savings and better prepare for healthcare expenses in retirement.

Health Savings Accounts (HSAs) offer an excellent way for individuals aged 55 and older to enhance their health savings through catch-up contributions. Not only do these contributions give you the power to contribute beyond the annual limit, they also help in building a solid financial cushion for future medical expenses. Remember, you can make these additional contributions at any time throughout the year.