Can I Still Put Money in an HSA After the Year is Done?

Are you wondering whether you can still put money in an HSA after the year is done? The answer is yes! Unlike flexible spending accounts (FSAs), where you lose any unspent funds at the end of the year, Health Savings Accounts (HSAs) allow you to carry over your balance and continue contributing even after the year ends.

Contributions to an HSA can be made throughout the year, including after the calendar year has ended. This flexibility is one of the many advantages of HSAs and a significant reason why they are becoming increasingly popular among individuals looking to save for healthcare expenses both now and in the future.

Here are some important points to know about contributing to an HSA:

• You can contribute to your HSA at any time during the year, up to the annual contribution limit set by the IRS.
• Contributions made by the tax filing deadline (usually April 15 of the following year) can be claimed as a deduction on your tax return for the previous year.
• Employers may also contribute to your HSA on your behalf, adding to your savings.
• If you have an HSA-eligible high deductible health plan (HDHP) for the entire year, you can make the full annual contribution regardless of when you opened the account.
• Individuals aged 55 and older can make additional catch-up contributions to their HSA each year.

So, even if the year is over, it's not too late to start or continue contributing to your HSA. Take advantage of the tax benefits and long-term savings potential that an HSA offers.

Yes, contributing to your Health Savings Account (HSA) after the year has ended is not only allowed, but it's also a smart way to maximize your healthcare savings and take full advantage of tax benefits!