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Don't Forget your HSA Contribution Before Tax Day!

Darryl Rosen • Apr 06, 2023

Some of you may have an opportunity to make an HSA contribution by tax day. (April 18th)


As you know,  the HSA (Health Savings Account) offers a plethora of tax savings.


A deduction when you contribute and the money grows tax free, never to be taxed as you use the money for a qualified medical expense.


Here are a few specifics:


  • You can’t be on Medicare…(SORRY, but do tell all the younger people in your life!)
  • You must do by April 18th
  • You must be covered by high deductible health care plan (see below)


A HDHP has an annual deductible of at least $1,400 for self-only coverage and $2,800 for family coverage Its out-of-pocket maximum does not exceed $7,050 for self-only coverage and $14,100 for family coverage


There are limits on how much you can contribute. Per the IRS.


The amount you or any other person can contribute to your HSA depends on the type of HDHP coverage you have, your age, the date you become an eligible individual, and the date you cease to be an eligible individual. For 2022, if you have self-only HDHP coverage, you can contribute up to $3,650. If you have family HDHP coverage, you can contribute up to $7,300.


You can sock away another $1,000 if your 55 and above.


For example, my favorite wife Jill and I can put away $8,300 for 2022. As long as we spend the money on qualified medical expenses, the money will never be taxed. 


Is it a ton of savings? Not particularly, but it's something!

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