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Health Savings Accounts and catch-up contributions

Bernard Health works with employer all over the country to help them manage healthcare expenses.  The employees of those companies and non-profits have all kinds of questions about health insurance, and it's our job to answer those questions! I was asked a few questions from one of our clients about how the Health Savings Account catch-up contributions work.  You may already know some of this, but here are a few things you may find helpful:


    1. If you are 55 or older and not participating in Medicare, you can contribute an extra $1000 annually to your Health Savings Account
    2. If you are covered as a dependent on your spouse's HSA-eligible medical plan, then you should open your own HSA.
  1. Only the HSA account-holder can contribute the Catch-up Contribution in to an HSA.
  2. This means that if your spouse is 54 or younger and you are 55 or older, and the HSA is in their name, the Catch-up Contribution cannot be made.
  3. If both spouses covered by an HSA-eligible medical plan are age 55 or older and not participating in Medicare, then you must have separate HSA accounts to maximize the Catch-up Contributions.
  4. Each spouse (as an accountholder) can contribute an extra $1000.
  5. If someone is covered by Medicare, they cannot make any contributions into an HSA account.
For more information about how your business or non-profit could benefit from the tax-advantages of Health Savings Accounts, click on the button below! We'd be glad to help. 
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