Can I Still Put Money in 2018 HSA? Your Guide to Contributing to Your Health Savings Account

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Key rules for 2018 HSA contributions

If you're wondering whether you can still put money in your Health Savings Account (HSA) for the year 2018, the short answer is yes, but with some limitations. An HSA allows individuals to save and invest money tax-free for qualified medical expenses. Let's explore how you can contribute to your HSA for 2018:

1. Contribution Deadline: You can make contributions to your HSA for the 2018 tax year until the tax filing deadline which is April 15, 2019.

2. Contribution Limits: The maximum contribution limits for 2018 are $3,450 for individuals and $6,900 for families. If you are above 55 years old, you can contribute an additional $1,000 as a catch-up contribution.

Eligibility, tax benefits, and limits

3. Eligibility Criteria: To contribute to an HSA, you must be covered by a high-deductible health plan (HDHP) and not enrolled in Medicare.

4. Tax Benefits: Contributions to an HSA are tax-deductible, grow tax-free, and withdrawals for qualified medical expenses are also tax-free.

5. Employer Contributions: If your employer contributes to your HSA, those contributions count towards the annual limit. Be mindful of the total contributions to ensure you don't exceed the limit.

6. HSA Rollovers: You can carry over HSA funds from year to year, unlike a Flexible Spending Account (FSA), which has a Yes, you can still make contributions to your Health Savings Account (HSA) for 2018, but it’s essential to keep the tax deadline in mind. The contributions you make can directly impact your tax return, offering you a chance to lower your taxable income.