How Much Can I Contribute to My HSA for 2018 if I Only Had Eligible Coverage for 6 Months?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax advantages. If you're wondering how much you can contribute to your HSA for 2018 when you've only had eligible coverage for 6 months, there are specific rules you need to know.

For the year 2018, if you had HSA-eligible coverage for just 6 months or more but less than 12 months, your maximum contribution limit will be prorated. The contribution limit for an individual is typically set by the IRS, and it is adjusted annually. For 2018, the limit for an individual with self-only coverage is $3,450, whereas for those with family coverage, the limit is $6,900.

When you have eligible coverage for less than the full year, the maximum contribution amount is calculated based on the number of months you were covered by an HSA-qualified plan. If you were covered for 6 months in the year, you can contribute up to half of the full-year contribution limit.

Remember, if you contribute more than the prorated limit allowed based on your coverage duration, you may face tax penalties. It's essential to keep track of your HSA contribution limits to avoid any issues.

Key Points to Remember:

• If you had HSA-eligible coverage for 6 months in 2018, you can contribute up to half of the annual limit set by the IRS.
• The contribution limit for self-only coverage in 2018 is $3,450, and for family coverage, it is $6,900.
• Contributing more than the prorated limit based on your coverage duration can lead to tax penalties.

Health Savings Accounts (HSAs) offer incredible benefits, including tax savings for medical expenses. If you've had eligible coverage for only 6 months in 2018, it's important to understand how contribution limits apply to you.