Is the HSA (Health Savings Account) contribution limit increased for older people?
A. An eligible individual who will attain age 55 before the end of the year for which contributions for the HSA are being made can contribute an additional amount that is known as a “catch-up contribution.” Someone who meets this age test and is eligible for the entire year can contribute an additional $1,000 for 2010 and $1,000 for 2011. The catch-up contribution is subject to the monthly eligibility and last month eligibility rules. Q.
