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What is the maximum additional health savings account (HSA) contribution that may be made by a...

What is the maximum additional health savings account (HSA) contribution that may be made by a 60-year-old participant because of age?

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Answer #1

As determined by IRS for year 2020, the maximum HSA (Health Saving Account) Contribution limits are $3550 for individual coverage and $7100 for family coverage. It allow to contribute extra as catch up contribution if person has attained age of 55 i.e. if age of a person is 55 or more than he can contribute additional $1000 to HSA in his owned name.
Therefore the maximum additional HSA contribution that may be made by a 60 year old participant because of age is:
$4550 for self coverage and $ 8100 for family coverage.

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