When Can You Add to HSA Account? - Understanding HSA Contribution Rules

Contributing to your HSA account can be a great way to save for medical expenses while enjoying tax benefits. But when exactly can you make contributions to your HSA account?

Here are the key points to keep in mind:

• You can add funds to your HSA account at any time during the year, as long as you have an HSA-eligible high-deductible health plan (HDHP).
• Your contributions can be made by you, your employer, or both. If your employer contributes to your HSA, the contributions are tax-free.
• If you are over 55 years old, you can make catch-up contributions to your HSA account, allowing you to save even more for medical expenses.
• The annual contribution limits for HSA accounts are set by the IRS and may change each year. For 2021, the contribution limit is $3,600 for individuals and $7,200 for families.

In summary, you can add to your HSA account throughout the year, as long as you meet the eligibility requirements and stay within the contribution limits set by the IRS.

Contributing to your HSA account is a superb move towards managing healthcare costs while also taking advantage of several tax benefits. But, do you ever wonder when you can add funds to your account?

Here's what you need to know:

• Contributions can be deposited into your HSA account throughout the year, provided you possess an HSA-qualified high-deductible health plan (HDHP).
• Funds can come from you and/or your employer. If your workplace offers contributions, those amounts are tax-exempt!
• For those aged 55 and older, you have the privilege of making catch-up contributions, allowing you to bolster your savings for healthcare expenses significantly.
• The IRS establishes the maximum contribution limits for HSAs, which can vary annually. For 2023, the contribution limits are set at $3,850 for individuals and $7,750 for families.