When Can You Contribute to an HSA for 2018?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax advantages. But when it comes to contributing to an HSA for the year 2018, there are specific rules and deadlines you need to keep in mind.

Contrary to popular belief, the deadline for contributing to an HSA for the previous year is not always December 31st. The deadline for contributing to your HSA for the year 2018 is actually the tax filing deadline for that year, which is usually April 15th of the following year.

Here are some important points to note about contributing to an HSA for 2018:

• You can make contributions to your HSA for the year 2018 until the tax filing deadline, which is typically April 15th of the following year.
• For the tax year 2018, the contribution limit for individuals is $3,450 and for families is $6,900.
• If you are 55 or older, you are eligible to make an additional catch-up contribution of $1,000 for the year 2018.
• Contributions to your HSA can be made by you, your employer, or both. However, the total contributions should not exceed the annual limit.
• Unused HSA funds roll over from year to year, so you don't have to worry about losing the money if you don't use it all in a given year.

Health Savings Accounts (HSAs) not only provide a way to save for future medical expenses, but they also offer significant tax benefits. Understanding when you can contribute to your HSA is essential for making the most out of these accounts.