Getting older does have
its benefits! Did you know if you are 55
years of age or older you are eligible to contribute even MORE to your health savings account (HSA)?
The catch-up is an additional $1,000
that you can contribute to your HSA once you reach age 55, increasing not only
your HSA balance, but your tax savings as well.
An HSA owner becomes eligible to contribute the full $1,000 catch-up
amount within the year they turn age 55. It doesn’t matter if your birthday is
on January 1st or December 31st the full amount is allowed. The HSA catch-up is
allowed each year until you reach age 65 or are enrolled in Medicare
benefits.
In addition, if you and your spouse are both over the age of 55, each of you
may contribute the additional $1,000
catch-up amount. In order for this to occur, the catch-up will need to be done
in separate health savings accounts established in the name of each spouse. It
is not compliant to contribute the catch up amount to an HSA account that is
not in the participant’s (account owner’s) name.
If you would like to learn more about health savings accounts (HSA)
or catch-up contributions please visit us at www.abgaccess.com.
Thank you and have a wonderful day!
The Author: Stacie Ravenhorst, CFC
Implementation
Specialist
sravenhorst@abg-mn.com
Disclaimer: This blog is of an informative nature and should not be taken as advice. Please work with the appropriate parties for those services.
No comments:
Post a Comment