Can I Fully Fund Last Year's HSA Now? - Understanding HSA Contributions

If you're wondering whether you can fully fund last year’s HSA (Health Savings Account) now, the answer is yes, you may be able to do so under certain circumstances.

Contributions to an HSA can be made for the previous tax year until the tax deadline, which is typically April 15th of the following year. Here’s what you need to know:

• For 2021, you can make contributions to your HSA until the tax deadline in 2022.
• Individuals can contribute up to $3,600 and families up to $7,200 for the tax year 2021.
• If you didn’t max out your HSA contributions for the previous year, now is a great time to consider doing so.

By fully funding your HSA for the previous year, you can enjoy tax advantages and save for future healthcare expenses. However, it's essential to ensure that you meet all eligibility criteria and contribution limits before making additional contributions.

If you’ve been pondering whether you can still make full contributions to last year’s Health Savings Account (HSA), you’re in luck! The answer is a resounding yes, provided you pay attention to certain guidelines.