Can You Contribute to Your HSA During the Plan Year?

Yes, you can contribute to your HSA during the plan year. Health Savings Accounts (HSAs) are flexible savings vehicles that allow individuals to save money for medical expenses on a tax-advantaged basis. Here's how you can contribute to your HSA during the plan year:

• Regular contributions: You can make regular contributions to your HSA throughout the year. These contributions can be made directly from your paycheck if offered by your employer, or you can make manual contributions on your own.

• Catch-up contributions: If you are 55 or older, you are eligible to make catch-up contributions to your HSA. These additional contributions allow you to save more for healthcare costs as you near retirement.

• Contribution limits: It's important to keep in mind the contribution limits set by the IRS for HSAs. For 2021, the annual contribution limit for individuals is $3,600 and $7,200 for families.

Contributing to your HSA during the plan year is a great way to save for healthcare expenses while enjoying tax benefits. Be sure to consult with a financial advisor or tax professional to maximize the benefits of your HSA contributions!

Absolutely! You can contribute to your Health Savings Account (HSA) at any point during the plan year, making it a flexible option for managing your healthcare costs. This ensures you can set aside tax-advantaged funds for medical expenses as they arise.