Catch-Up Contribution
An extra $1,000 that people age 55 and older can contribute to their HSA each year.
What is Catch-Up Contribution?
A catch-up contribution is an additional amount that people age 55 and older can contribute to their HSA each year. The current catch-up amount is $1,000, which is added to the regular contribution limit.
For 2024, this means someone 55 or older with individual coverage can contribute up to $5,150 ($4,150 + $1,000), and someone with family coverage can contribute up to $9,300 ($8,300 + $1,000).
You become eligible for catch-up contributions in the year you turn 55 (not when you turn 55). Once you enroll in Medicare, you can no longer contribute to an HSA, even if your spouse has family HDHP coverage.
Frequently Asked Questions
When can I make catch-up contributions?
In the calendar year you turn 55 and every year after, as long as you're HSA-eligible (have HDHP coverage and aren't on Medicare).
Can both spouses make catch-up contributions?
Yes, but each spouse needs their own HSA. Catch-up contributions can't be made to a spouse's account - they must go into your own.
Does the catch-up amount ever increase?
The $1,000 catch-up amount is fixed by law and doesn't increase with inflation like the regular contribution limits.
Related Terms
Contribution Limit
The maximum amount you can contribute to an HSA in a calendar year, set annually by the IRS.
Health Savings Account (HSA)
A tax-advantaged savings account for people with high-deductible health plans to pay for qualified medical expenses.
Medicare
Federal health insurance for people 65+ that ends your eligibility to contribute to an HSA.
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