Is It Too Late for HSA in 2019? | Your Helpful Guide to Health Savings Accounts

Check eligibility on the go — browse 7,000+ HSA-eligible products in the free app.

HSA basics and built-in tax benefits

Are you wondering if it's too late to open an HSA (Health Savings Account) in 2019? The good news is, it's never too late to start utilizing the benefits of an HSA if you are eligible. Let's break down what an HSA is, its advantages, and how you can still open one for the current year.

An HSA is a tax-advantaged savings account specifically for medical expenses for those with high-deductible health plans. Contributions to an HSA are tax-deductible, grow tax-free, and withdrawals for qualified medical expenses are also tax-free.

Reasons you can still open HSA in 2019

Here's why it's not too late for an HSA in 2019:

• You can open an HSA at any time during the year if you are eligible.
• Contributions made to the HSA are deductible on your tax return for the current year.
• You can use the funds in your HSA to pay for medical expenses not covered by insurance, including deductibles, co-pays, and more.
• HSA funds roll over year after year, unlike flexible spending accounts (FSAs).

So, if you are considering opening an HSA for 2019, it's not too late. Take advantage of the tax benefits and long-term savings an HSA can offer.

Eligibility is the only requirement

It's indeed a great time to open an HSA (Health Savings Account) even in 2019! Many people don't realize that eligibility is the only requirement for starting this valuable account. Let's explore how an HSA can empower your financial planning for healthcare expenses.