How do catch-up contributions work?
To give you the most opportunity to maximize the value of your Health Savings Account, once you turn age 55 you are eligible to make additional catch-up contributions. If you turned 55 this year, and you had HDHP coverage anytime during the year, you can make the full catch-up contribution regardless of when your 55th birthday falls. However, failure to maintain eligibility for a full 12 months following the end of the calendar year will result in taxes and penalties.
