How much can an individual contribute to an HSA plan over the age of 50?

Category : Health Savings Account (HSA)
Posted On : 21st Jan 2025

The Health Savings Account (HSA) contribution limits are higher for those aged 50 and older to help them save for medical expenses.

Contribution Limits for the year 2024

  • The cost of self-only coverage is $4,150.
  • The amount of coverage for a family is $8,300.
  • If you are 55 or older and want to make a catch-up. contribution, you can add an extra $1,000.

Contribution Limits for the year 2025

  • The cost of self-only coverage is $4,300
  • The amount of coverage for a family is $8,550
  • If you are 55 or older and want to make a catch-up contribution, you can add an extra $1,000

Here is a case study to illustrate:

In January 2024, Roger, an 56-year-old man, opened an HSA. Roger is not married and relies on his own insurance. In 2024, how much money can Roger contribute to his HSA plan?

Explanation:

Roger is single and can contribute $4,150. Roger is over 50 years old, so he has the chance to contribute an additional $1,000. Thus, Roger can contribute a maximum of $5,150 in the HSA plan.

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