Couples age 55 or older can soon contribute $10,000 a year to Health Savings Accounts
Under the new guidelines announced this week, for those younger 55 years, individuals can contribute up to
Rising inflation is the reason for this large cost-of-living adjustment, said
Many people do not take advantage of this opportunity to put away money for future medical expenses, he noted. The majority of people are not maxing out their contributions each year, Robertson said. The new contribution limits "will allow people to think about their needs ... and get people more engaged."
The limit for older people includes a
"Contributions are made pretax, the money in the accounts grows tax-free, and withdrawals for qualified medical expenses are tax-free," the
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