Can You Still Open an HSA for 2018?

If you are wondering whether you can still open a Health Savings Account (HSA) for the year 2018, the answer is yes. Opening an HSA is a smart financial move that offers tax advantages and helps you save for medical expenses. Here's what you need to know:

1. Eligibility: To open an HSA for 2018, you must be covered by a High Deductible Health Plan (HDHP) and not be enrolled in Medicare.

2. Contribution Deadline: You have until the tax filing deadline in April to make contributions for the previous year.

3. Contribution Limits: For 2018, the maximum contribution limits are $3,450 for individuals and $6,900 for families.

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

5. Investment Options: HSA funds can be invested in mutual funds or other investment vehicles to grow over time.

6. Rollover: Any unused funds in your HSA roll over from year to year and are yours to keep.

7. Flexibility: HSAs offer flexibility and control over your healthcare expenses, allowing you to save for future medical needs.

If you meet the eligibility requirements and haven't opened an HSA for 2018 yet, it's not too late to take advantage of this valuable savings tool. Contact your financial institution or employer to get started today!

If you're still considering whether to open a Health Savings Account (HSA) for the year 2018, it's definitely worth exploring. Not only does an HSA provide fantastic tax benefits that can help you save significantly on your health costs, but it also empowers you to take control of your healthcare finances.