When Can I Open an HSA in 2018? - Your Guide to Health Savings Accounts

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2018 HSA basics and benefits

If you are looking to open a Health Savings Account (HSA) in 2018, you need to meet certain requirements to be eligible. The great news is that the eligibility criteria for opening an HSA are not complex, and once you fulfill them, you can start benefiting from this tax-advantaged account.

Here's what you need to know:

By opening an HSA, you can save for healthcare expenses while enjoying tax benefits. It's a smart way to plan for future medical costs and take control of your healthcare finances.

HDHP, timing, and 2018 contribution rules

• High Deductible Health Plan (HDHP): To be eligible for an HSA, you must be enrolled in an HDHP. In 2018, for self-only coverage, the minimum deductible is $1,350, and for family coverage, it is $2,700.
• Open Enrollment Period: You can typically open an HSA during your employer's open enrollment period, or if you are self-employed, you can open one at any time.
• Contribution Limit: In 2018, the maximum contribution limit for an HSA is $3,450 for self-only coverage and $6,900 for family coverage.
• Tax Advantages: Contributions made to an HSA are tax-deductible, grow tax-free, and can be withdrawn tax-free for qualified medical expenses.

If you're considering a Health Savings Account (HSA) in 2018, you're definitely making a smart financial move! To open an HSA, you must be enrolled in a High Deductible Health Plan (HDHP). For self-only coverage in 2018, your deductible needs to be at least $1,350, and for family coverage, it must be at least $2,700.