How Can I Contribute to an HSA in 2018?

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Steps to contribute to an HSA

Contributing to a Health Savings Account (HSA) is a great way to save for medical expenses while enjoying tax benefits. If you're wondering how you can contribute to an HSA in 2018, here are the steps you need to follow:

1. Check your HSA eligibility: Make sure you are enrolled in a high-deductible health plan (HDHP) and meet all other HSA requirements.

2. Decide how much to contribute: You can contribute up to a certain limit set by the IRS each year. For 2018, the limit for individuals is $3,450 and for families is $6,900.

3. Make contributions: You can set up automatic payroll deductions through your employer or make one-time contributions directly to your HSA provider.

4. Take advantage of catch-up contributions: If you are 55 or older, you can contribute an additional $1,000 per year as catch-up contributions.

Additional 2018 HSA contribution guidance

5. Keep track of your contributions: Make sure to keep records of all your HSA contributions for tax purposes.

Are you considering contributing to your Health Savings Account (HSA) in 2018? It's a savvy move, as HSAs not only help you save for medical expenses but also provide fantastic tax benefits. Here’s what you need to know to ensure you make the most of your contributions.

1. Check your HSA eligibility: Before contributing, ensure that you’re enrolled in a high-deductible health plan (HDHP) and meet all IRS requirements for HSA eligibility, such as not being enrolled in Medicare or claimed as a dependent on someone else's tax return.

2. Decide how much to contribute: For 2018, the IRS allowed individuals to contribute up to $3,450 and families up to $6,900. Assess your medical expenses and financial situation to determine the optimal amount for you.

3. Make contributions: Contributions can be made through automatic payroll deductions, which can be convenient if your employer offers this option, or by making direct contributions to your HSA provider at any time throughout the year.

4. Take advantage of catch-up contributions: If you're 55 or older, you can supercharge your savings with an additional $1,000 catch-up contribution, giving you even more flexibility in managing your healthcare costs.

5. Keep track of your contributions: It's crucial to maintain records of all your HSA contributions, as this will assist with accurate tax filings, ensuring you receive all the benefits available.