When Can I Make Catch Up Contributions to My HSA?

When it comes to making catch-up contributions to your Health Savings Account (HSA), there are specific rules and guidelines in place. If you are 55 years or older or turning 55 during the tax year, you are eligible to make additional catch-up contributions to boost your HSA savings.

The threshold for catch-up contributions changes periodically due to inflation adjustments. As of 2021, the catch-up contribution limit is $1,000 per year for individuals aged 55 and above.

Here are some key points to keep in mind regarding catch-up contributions to your HSA:

• Catch-up contributions are optional and not mandatory.
• You can make catch-up contributions at any time during the year you turn 55.
• It's important to stay within the annual contribution limits to avoid penalties.

If you're aged 55 or older, you'll be delighted to know that you can make catch-up contributions to your Health Savings Account (HSA) to enhance your savings for future medical expenses. This additional allowance can really make a difference in your financial planning.