There are strict guidelines as to the limit you may deposit into your health savings account. Each year these numbers adjust for inflation.

Year Individual Self-only Family/Couple catch-up deposits (over 55)
2017 $3,400 $6,750 $1,000

Self-Only Coverage:

You can save any amount in your HSA up to the annual limit.

If you are over 55 years of age, you can put in an additional $1,000 per year.

The logic is that people over age 55 have much less time to make deposits than someone who is 35 years old. The rules specify that once you go on Medicare (age 65), you can no longer make deposits into your health savings account. However, you can keep your HSA as long as you like, and use your HSA card to pay health care expenses over the rest of your life.

Family Coverage:

You can deposit up to the annual limit into your health savings account. If the “primary account holder” is over 55, that person may deposit an additional $1,000 per year. If the spouse is over 55, that second person must open a separate health savings account. Only the primary account holder—not dependents—can make catch up contributions to that account.

Personalized Service From Us:

At Bob Hopper Insurance Services, we stay up to date on the latest IRS rules regarding Health Savings Accounts. As our client, we will keep you apprised of the yearly changes to health savings account deposit limits and any other changes to HSA’s that may impact you.