Can I Contribute to an HSA Before April 2018?

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Pre-April 2018 HSA contribution deadline

If you are wondering whether you can contribute to a Health Savings Account (HSA) before April 2018, the answer is yes! HSAs are a great way to save for medical expenses with tax advantages, but there are some important things to consider when making contributions before the tax deadline.

Before April 2018, you have until the tax filing deadline to contribute to your HSA for the previous year. This means you can contribute for the 2017 tax year up until April 17, 2018. Here are some key points to know:

How much you can contribute and eligibility

• You can contribute up to the annual HSA contribution limits for the year. For 2017, the limits were $3,400 for individuals and $6,750 for families.
• If you are 55 or older, you may qualify for an additional catch-up contribution of $1,000.
• Contributions made before April 2018 will be considered as contributions for the previous tax year.

It's important to keep in mind that you must be eligible to contribute to an HSA, which requires having a high-deductible health insurance plan. Also, contributions made to an HSA are tax-deductible, grow tax-free, and withdrawals for qualified medical expenses are tax-free as well.

If you haven’t maxed contributions yet

So, if you have not maxed out your HSA contributions for the previous tax year, don't worry! You still have time to contribute before the April 2018 deadline and take advantage of the tax benefits that an HSA offers.

If you're thinking about contributing to your Health Savings Account (HSA) before April 2018, you can definitely do so! HSAs offer excellent tax benefits for managing healthcare costs, and there's still time to maximize your contributions for the previous year.