IRS Increases HSA Contribution Limits for 55+ Couples to Over $10K

The IRS has announced that individuals can contribute up to $4,150 and families up to $8,300 annually to a tax-free Health Savings Account (HSA). Couples aged 55 and older can contribute more than $10,000, including the $1,000 catch-up contribution. The new contribution limits will help people plan for their medical expenses and get more engaged with their HSA. The average HSA created in 2005 has now accumulated more than $50,000 in investments and deposits, according to data from Devenir.