How much can I contribute to my HSA in 2018 if my Medicare year is 2018?

If your Medicare year is 2018, you have specific rules and limits when it comes to contributing to your Health Savings Account (HSA). When you have both Medicare and an HSA, the IRS adjusts the maximum contribution limit based on when you enrolled in Medicare during the year. Here's a breakdown of how much you can contribute:

If you have self-only coverage:

• If you are enrolled in Medicare for the entire year (January 1 to December 31), you cannot contribute to an HSA for any months during the year.
• If your Medicare coverage starts after January 1, you can contribute to the HSA for the months before your Medicare coverage begins.

If you have family coverage:

• If both spouses are 55 years or older and enrolled in Medicare, the annual catch-up contribution limit is split equally between the spouses.
• If one spouse is 55 or older and enrolled in Medicare, that spouse can make the full annual catch-up contribution limit.

If you're navigating the intersection of Medicare and Health Savings Accounts (HSAs) during the year 2018, it's crucial to be aware of the specific contribution limits that apply. Understanding these rules can help you optimize your savings for healthcare expenses.

For those with self-only coverage:

• If your Medicare coverage lasts the entire year (January 1 to December 31), you are unfortunately unable to make any contributions to your HSA for that year.
• If you begin your Medicare coverage after January 1, you're allowed to contribute to your HSA for the months leading up to your Medicare start date.

For individuals with family coverage:

• When both spouses are enrolled in Medicare and are at least 55 years old, the additional catch-up contribution limit is shared equally. So, it's essential to coordinate your contributions.
• If only one spouse is aged 55 or older and enrolled in Medicare, they are eligible to utilize the full catch-up contribution limit available for that year.