When Can You Start to Contribute to 2018 HSA?

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2018 HSA contribution timing and eligibility

Are you looking to contribute to your HSA for the 2018 tax year? Knowing when you can start contributing is crucial for maximizing your savings and tax benefits. If you want to take advantage of the pre-tax contributions and potential investment growth offered by an HSA, here is what you need to know about when you can start contributing:

4. Eligibility Criteria: To contribute to an HSA, you must be covered by a high-deductible health plan (HDHP) and not be enrolled in Medicare.

Contributing to your HSA for the 2018 tax year can significantly enhance your financial strategy, especially when you understand when you can start. Remember, the deadline for contributions is typically April 15 of the following year, making it essential to plan ahead.

2018 limits, catch-up amounts, deadlines

1. Contribution Deadline: For the 2018 tax year, you have until the tax filing deadline (usually April 15 of the following year) to make contributions to your HSA.

2. Contribution Limits: The maximum contribution limit for an individual with self-only coverage in 2018 is $3,450, and for those with family coverage, it is $6,900.

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

Adjusting contributions during the year

5. Start Date: You can start contributing to your HSA for a particular tax year as soon as the coverage under the HDHP begins.

6. Changing Contributions: You can adjust your HSA contributions at any time during the year to better align with your healthcare needs and financial goals.

By understanding the contribution rules and timing for an HSA, you can make the most of this valuable savings tool. Start planning your contributions for the 2018 tax year today!