How Much Can You Deposit in a HSA Account If You Only Have Insurance for 2 Months in 2018?

Health Savings Accounts (HSAs) are a valuable tool for managing healthcare costs while saving for the future. If you only have insurance for 2 months in 2018, you can still contribute to your HSA, but the amount you can deposit will be prorated based on the number of months you were covered by an HSA-eligible plan.

For individuals with HSA-eligible plans for less than a full year, the annual contribution limit is divided by 12 and multiplied by the number of months you had HSA-eligible coverage. In 2018, the annual contribution limit for an individual with self-only coverage was $3,450 and $6,900 for family coverage.

In the case of having insurance for only 2 months in 2018, you would be eligible to deposit a prorated amount calculated as follows:

• For self-only coverage: ($3,450/12) x 2 = $575
• For family coverage: ($6,900/12) x 2 = $1,150

It's important to note that these calculations apply if you were covered by an HSA-eligible plan for the entire 2 months. If your coverage started mid-month, the prorated amount may be adjusted accordingly.

Managing healthcare expenses can be a daunting task, but learning about Health Savings Accounts (HSAs) can greatly alleviate some of that stress. If you've only held insurance for 2 months in 2018, you can still contribute to your HSA, with your contribution limit adjusted to reflect the time you were covered under an HSA-qualified plan.