When Can I Make Contribution to My 2018 HSA?

Contributing to your Health Savings Account (HSA) is a great way to save money for medical expenses while enjoying tax benefits. If you want to contribute to your 2018 HSA, here are some important things to consider:

Deadline: The deadline for contributing to your 2018 HSA is typically April 15 of the following year, which gives you some extra time after the end of the tax year.

Contribution Limits: For 2018, the contribution limits for an individual with self-only coverage is $3,450 and for those with family coverage is $6,900.

Eligibility: To contribute to an HSA for 2018, you need to have been enrolled in a high deductible health plan (HDHP) for the full year.

Catch-up Contributions: If you are age 55 or older, you can make an additional catch-up contribution of $1,000 for the year 2018.

It's important to note that contributions made to your HSA are tax-deductible and can help lower your taxable income. Make sure to consult with a tax advisor or financial planner to maximize the benefits of your HSA contributions.

When it comes to contributing to your Health Savings Account (HSA), timing is essential. For your 2018 contributions, remember the deadline is April 15 of 2019, allowing you some extra time to save on your taxes!