Who Can Contribute to an HSA in 2018?

Health Savings Accounts (HSAs) are a valuable tool for individuals and families looking to save for medical expenses while enjoying tax benefits. One common question that arises is, who can contribute to an HSA in 2018?

In order to contribute to an HSA in 2018, you must meet the following eligibility criteria:

• You must be covered by a High Deductible Health Plan (HDHP) on the first day of the month.
• You cannot be enrolled in Medicare.
• You cannot be claimed as a dependent on someone else's tax return.

Additionally, the following individuals can contribute to an HSA:

• Employers - Employers can make contributions to their employees' HSAs as part of their benefits package.
• Employees - Employees can contribute to their own HSAs through payroll deductions.
• Self-Employed Individuals - Self-employed individuals can contribute to their own HSAs as both employer and employee.
• Family Members - Family members can also contribute to an individual's HSA, increasing the total savings potential.

It's important to note that there are limits to how much can be contributed to an HSA in 2018. For individuals, the limit is $3,450, and for families, the limit is $6,900. These limits include contributions from all sources, including employer and employee contributions.

By understanding who can contribute to an HSA in 2018, individuals can take full advantage of this valuable savings tool and enjoy the many benefits it provides.

Health Savings Accounts (HSAs) are excellent financial tools for both individuals and families looking to handle medical expenses with a safety net of tax advantages. Interested in contributing to an HSA in 2018? Here's what you need to know about eligibility!