Can I Contribute to HSA Now for 2018?

If you are considering contributing to your HSA (Health Savings Account) for the year 2018, there are some important factors to keep in mind. As the tax year has passed, it's crucial to know the rules and regulations regarding contributions for the previous year.

Generally, HSA contributions for a particular tax year can be made until the tax filing deadline for that year, which is typically April 15th of the following year. For instance, you can still make contributions for the year 2018 until April 15th, 2019.

However, there are certain exceptions and limits to be aware of:

• Individual contribution limit for 2018 is $3,450 and $6,900 for family coverage.
• If you have a high-deductible health plan for the full year, you are eligible to make contributions.
• If you are 55 or older, you can make an additional catch-up contribution of $1,000.
• Employer contributions and individual contributions combined cannot exceed the annual limit.

It's essential to check the specific guidelines and consult with a financial advisor if needed to ensure compliance with HSA contribution rules. By understanding the regulations, you can make informed decisions about contributing to your HSA for the year 2018.

If you're contemplating making contributions to your HSA (Health Savings Account) for the year 2018, there's a lot to consider. First, it's valuable to note that contributions can generally be made up until the tax filing deadline, which is usually April 15th of the following year. Therefore, you can contribute for 2018 until April 15th, 2019.

Keep in mind the individual contribution limit for 2018 is set at $3,450, while families can contribute up to $6,900. It's also important to know that if you maintained a high-deductible health plan for the entire year, you can still make contributions up until that deadline.

If you are 55 years or older, you can take advantage of an additional catch-up contribution of $1,000. Remember, the combined total of employer and individual contributions must not exceed these annual limits. Always double-check the guidelines and consult a financial advisor for tailored advice.