Can You Still Contribute to 2017 HSA? - A Guide to Health Savings Accounts

If you are wondering whether you can still contribute to your 2017 Health Savings Account (HSA), the answer is yes! HSA is a valuable tool that allows individuals to save money for qualified medical expenses while enjoying tax benefits. Even though the tax year has passed, there is still a window of opportunity to make contributions to your HSA for the previous year.

Contributing to your HSA can help you maximize your tax savings and build a financial cushion for future healthcare expenses. Here are some key points to consider:

• Deadline for 2017 Contributions: The deadline for making contributions to your HSA for the 2017 tax year is typically the tax filing deadline, which is usually April 15th of the following year. However, if you file for an extension, you can make contributions until the extended deadline.
• Contribution Limits: For 2017, the contribution limit for individuals with self-only coverage is $3,400, and for those with family coverage, it is $6,750. If you are 55 or older, you can make an additional catch-up contribution of $1,000.
• Tax Deductibility: Contributions made to your HSA are tax-deductible, reducing your taxable income for the year. This can lead to significant tax savings, making HSAs a smart financial move.
• Qualifying for an HSA: To contribute to an HSA, you must have a high-deductible health plan (HDHP) and not be enrolled in Medicare. You also cannot be claimed as a dependent on someone else's tax return.
• Using HSA Funds: The money in your HSA can be used to pay for a wide range of qualified medical expenses, including deductibles, copayments, prescriptions, and more. It's a flexible and convenient way to cover healthcare costs.

Don't miss out on the opportunity to contribute to your 2017 HSA and take advantage of the tax benefits it offers. Consult with a financial advisor or tax professional to ensure you are maximizing the potential of your HSA. Start saving for your health and financial well-being today!

If you’re still considering contributing to your 2017 Health Savings Account (HSA), you’re in luck! Even though 2017 may seem like a long time ago, the opportunity to make contributions and enjoy tax benefits is still available.