What is the HSA Last Month Rule 2017? - Explained

Are you curious about understanding the HSA Last Month Rule 2017? Let's dive into this important aspect of Health Savings Accounts (HSAs) and how it may impact you.

The HSA Last Month Rule allows individuals to make a full HSA contribution for the year, even if they were not HSA-eligible for the entire year, as long as they meet certain criteria. Here are the key points to know:

• If you are eligible to contribute to an HSA for the entire year, you can make the maximum contribution permitted by law.
• If you are HSA-eligible for only part of the year, but maintain HSA eligibility until the end of the following year, you can still contribute the full annual maximum for the current year.
• However, if you fail to remain HSA-eligible through the end of the following year, you may be subject to penalties and taxes on the excess contributions.

It's essential to understand the rules and implications of the HSA Last Month Rule to make informed decisions about your healthcare savings. Stay informed and make the most of your HSA benefits!

Have you ever heard of the HSA Last Month Rule from 2017? It’s a fantastic guideline for those who want to make the most out of their Health Savings Accounts (HSAs) even if their eligibility changes throughout the year!