Should I Still Contribute to My HSA for 2018 Under the New Tax Code?

With the changes in the tax code for 2018, many individuals are wondering whether they should still contribute to their Health Savings Account (HSA). The answer to this question depends on various factors and personal circumstances. Here are some key points to consider:

• HSAs offer triple tax advantages, allowing you to contribute pre-tax dollars, grow your savings tax-free, and withdraw funds tax-free for qualified medical expenses.
• Contributions to HSAs are tax-deductible, reducing your overall taxable income.
• Under the new tax code, HSA contribution limits have increased for 2018.
• Contributions made to your HSA before the tax filing deadline can still count towards your 2018 tax year.
• Even if you have a high-deductible health plan with a lower premium, contributing to an HSA can help you save for future medical expenses.
• It's important to assess your current and anticipated medical expenses to determine the appropriate contribution amount.
• Consult with a tax advisor or financial planner to understand how contributing to your HSA can impact your overall financial situation.

Ultimately, contributing to your HSA for 2018 can still be a smart financial move under the new tax code. It offers tax advantages and a way to save for healthcare costs in the future. Consider your individual circumstances and financial goals when deciding whether to contribute to your HSA.

As we navigate the new tax landscape, many individuals still ponder the viability of contributing to their Health Savings Account (HSA) for 2018. It's essential to recognize that, even with tax code adjustments, HSAs maintain their invaluable triple tax benefits: contributions are pre-tax, earnings grow tax-free, and all withdrawals for qualified medical expenses are tax-exempt.