If you’re able to qualify for a health savings account, or HSA, it’s a great option for saving for medical expenses. It can even work well as an investment tool. If you’re shopping for top-rated HSAs and you’re over the age of 55, you may be wondering if you even qualify for one. In this blog, we’ll break down the requirements for getting an HSA if you’re over the age of 55.

How Do I Qualify for an HSA?

If you’re over the age of 55, there are several requirements you must meet in order to be eligible for a health savings account.

These requirements include:

•     You must be enrolled in a high-deductible health plan, or HDHP. In addition to being enrolled in a high-deductible health plan, you can’t be enrolled in any other type of health plan.
•     You must not yet qualify for Medicare.
•     You cannot be claimed as a dependent on another person’s tax returns.

The combination of these factors allows you to be eligible for an HSA even over the age of 55. As someone over the age of 55, you also get benefits that other qualified individuals don’t. Individuals and families have a maximum contribution that they can make each year. These contribution limits are adjusted for inflation and will still apply to you, but if you’re over age 55, you can make an additional “catch-up” contribution of up to $1,000. If you have a spouse with their own HSA, they can do the same.

Choosing the Top-Rated HSA

If you’re over the age of 55, and you’ve decided that an HSA is the right choice for you, you’ll want to start looking at the top-rated HSAs to make your decision. Make sure you choose an HSA that will help you make the most of your health savings. You’ll want to choose one that is transparent with you and that won’t hit you with any hidden fees, so you can maximize the money you save. The choice of an HSA is an important one, so make sure you choose one that will do the most good for you.

Read a similar article about HSA investment options here at this page.