Can I Contribute to My HSA for 2018?

If you are wondering whether you can contribute to your Health Savings Account (HSA) for the year 2018, the answer is it depends on your eligibility and the contribution limits set by the IRS. Let's dive into the details.

Firstly, to contribute to an HSA for 2018:

• You must be covered by a High Deductible Health Plan (HDHP) for the entire year.
• You cannot be enrolled in Medicare.
• You cannot be claimed as a dependent on someone else's tax return.

If you meet these criteria, you can contribute to your HSA.

Now, let's talk about the contribution limits for 2018:

• For individuals, the maximum contribution for 2018 is $3,450.
• For families, the maximum contribution is $6,900.
• If you are 55 or older, you can make an additional catch-up contribution of $1,000.

It's important to note that these limits are for the entire year, even if you were not covered by an HDHP for the full year.

Before making contributions to your Health Savings Account (HSA) for the year 2018, it's essential to understand your eligibility and the IRS-conveyed contribution limits.