Final answer:
The additional HSA contribution amount for individuals over 55 is termed as a catch-up contribution, which was $1,000 above the standard limit in 2022. This amount is intended to help those nearing retirement save more for health-related expenses.
Step-by-step explanation:
The additional HSA contribution amount for individuals over 55 is known as a catch-up contribution. For Health Savings Accounts (HSAs), the Internal Revenue Service (IRS) allows for these catch-up contributions to encourage individuals nearing retirement to save more for health-related expenses. In 2022, for example, the additional catch-up contribution amount was $1,000. This means that individuals who are 55 and older are allowed to contribute an extra $1,000 above the standard contribution limit for HSAs. It's important to check with IRS publications or financial advisors for the most current limits, as these can change with tax laws.