Who Can Contribute to an HSA in 2018? - Understanding HSA Contribution Eligibility

Health Savings Accounts (HSAs) are a valuable tool for saving money on medical expenses. One common question that arises is, 'Who can contribute to an HSA in 2018?' To contribute to an HSA in 2018, you must meet certain eligibility criteria. Here's a breakdown of who can contribute to an HSA in 2018:

• Individuals with a High Deductible Health Plan (HDHP): To be eligible to contribute to an HSA, you must be covered by an HDHP.
• Not enrolled in Medicare: If you are enrolled in Medicare, you are not eligible to contribute to an HSA.
• Not claimed as a dependent: If someone else claims you as a dependent on their tax return, you cannot contribute to an HSA.
• Limit on contribution amounts: In 2018, the maximum contribution limit for an individual is $3,450, and for a family, it is $6,900.

These are the basic eligibility requirements for contributing to an HSA in 2018. It's important to consult with a tax professional or financial advisor to understand the specific rules and limitations that may apply to your individual situation.

Health Savings Accounts (HSAs) are not just a financial tool; they are a way to empower individuals to take control of their healthcare expenses. Many wonder, 'Who can contribute to an HSA in 2018 and beyond?' The answer to that question can significantly influence your savings strategy.

Various parties can contribute to an HSA, including:

• Individuals actively enrolled in a High Deductible Health Plan (HDHP)
• Employers looking to enhance their employee benefits
• Family members wishing to lend a helping hand with medical expenses

Here’s a more detailed look:

• Individuals: If you have an HDHP, you are eligible to contribute to your HSA, whether you are self-employed or working with an employer.
• Employers: Many companies offer HSA contributions as part of their employee welfare programs, providing a tax advantage for both parties.
• Family Members: Contributions can come from family members, allowing for collaborative financial planning.

To maximize your benefits, it's crucial to be aware of the contribution limits set for 2018. Individual contributions can go up to $3,450 while families can contribute up to $6,900, with those over 55 allowed an additional $1,000.

Grasping who can contribute to an HSA in 2018 is vital in leveraging this great financial asset, paving the way for a more secure healthcare future.