When Can I Contribute to an HSA? Understanding HSA Contribution Rules

Health Savings Accounts (HSAs) are a tax-advantaged way to save for medical expenses, but many people are unsure about the rules surrounding contributions to an HSA. If you're wondering, 'When can I contribute to an HSA?' here's what you need to know:

1. HSA Contribution Deadlines: You can contribute to your HSA up until the tax filing deadline for the previous year, which is typically April 15th.
2. Monthly Contributions: You can make contributions to your HSA at any time during the year, with some limits on the total annual contribution amount.
3. Employer Contributions: If your employer contributes to your HSA, their contributions count towards your annual limit and must be included in your total contributions for the year.
4. Age 55+ Catch-Up Contributions: If you're 55 or older, you can make additional catch-up contributions to your HSA, allowing you to save even more for medical expenses.
5. Spousal Contributions: If you have a family HSA, both you and your spouse can contribute to the account, as long as your total contributions stay within the annual limit.

Understanding when and how to contribute to your HSA can make a significant difference in your healthcare savings strategy. You can contribute to your Health Savings Account until the tax filing deadline for the previous year, which generally falls on April 15th, ensuring you maximize your tax advantages.