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Catch-up Contributions At Age 55 And Older


For HSAs and certain other tax-advantaged accounts, the IRS allows you to contribute a little more money when you get closer to retirement. Think of it as a nice boost to get the most out of your HSA — by reducing more of your taxable income, and funding more to your account for savings and future health-related expenses.

They’re called “catch-up” contributions because they help people catch up from previous years they may have not have saved a lot of money. So, the tax year that you reach age 55, you can begin to contribute an additional $1,000 per year to your HSA beyond the normal annual limit.

Remember that you can only make these catch-up contributions, or any HSA contributions, while you are still HSA-eligible. That means that if you are enrolled in Medicare, you can no longer contribute.
Summary: Catch-up contributions at age 55 and older

  • When you reach age 55, you can contribute an additional $1,000 per year to your HSA beyond the annual limit, as long as you are still eligible (for example, not enrolled in Medicare).