Can I Contribute to My HSA for Prior Year Expenses?

Many individuals often wonder if they can contribute to their Health Savings Account (HSA) for prior year expenses. The answer to this question lies in understanding the rules and regulations surrounding HSAs.

Here are some important points to consider:

• HSAs are designed to help individuals save for current and future medical expenses.
• Contributions to an HSA can only be made for expenses that occur after the HSA is established.
• Contributions cannot be made for expenses that were incurred before the HSA was opened.
• However, if you had an HSA established in a prior year and incurred eligible medical expenses, you can contribute to your HSA in the current year and use the funds to reimburse yourself for those prior year expenses.
• It's important to keep accurate records of your medical expenses and contributions to ensure compliance with IRS regulations.

It's a common query among HSA account holders: can I make contributions to my Health Savings Account for past medical expenses? Understanding the specific guidelines is essential for effective financial planning.