How to Add More to HSA to Help with 2018 Taxes

Health Savings Accounts (HSAs) are a great way to save money for medical expenses while also providing tax benefits. However, you may be wondering how you can add more to your HSA to help with your 2018 taxes. Here are some tips to maximize your HSA contributions:

1. Contribute the Maximum Amount: For 2018, the maximum contribution limit for an individual is $3,450 and $6,900 for a family. By contributing the maximum amount, you can reduce your taxable income.

2. Catch-up Contributions: If you are 55 or older, you are eligible to contribute an additional $1,000 as a catch-up contribution.

3. Make Contributions Before the Tax Deadline: You can make HSA contributions for the previous tax year up until the tax filing deadline, which is typically April 15th.

4. Employer Contributions: If your employer offers to match HSA contributions, take advantage of this benefit to increase your HSA savings.

By following these strategies, you can add more to your HSA to help with your 2018 taxes and maximize your savings for future medical expenses.

Health Savings Accounts (HSAs) provide an incredible opportunity to save for healthcare expenses while enjoying tax advantages. To optimize your savings for 2018 taxes, it's essential to consider the following strategies:

1. Maximize Your Contributions: In 2018, individuals can contribute up to $3,450, while families can go up to $6,900. Contributing these maximum amounts not only reduces your taxable income but also helps accumulate funds for future medical costs.

2. Take Advantage of Catch-up Contributions: If you're 55 or older, you can contribute an additional $1,000. This is a fantastic way for older adults to boost their savings as they approach retirement.

3. Contribute Before Tax Day: Remember, contributions for the previous tax year can be made until the tax filing deadline, usually April 15th. This gives you a little more time to plan and save.

4. Utilize Employer Contributions: If your employer has a matching program for HSA contributions, make sure to take full advantage of it. This is essentially free money that can significantly grow your HSA balance.

By following these strategies, you can effectively enhance your HSA contributions and ease the burden of medical expenses in the future.