Can I Make A Deductible Contribution To My HSA?
The HSA contribution rules are generally straightforward. However, the rules can become complicated in years when there will be a change to healthcare coverage. Perhaps you are moving from individual to family coverage, or you are leaving their health plan, or you are starting Medicare. In these instances, it is important to revisit the rules and apply them to your unique situation.
To help make this analysis easier, we have created the “Can I Make A Deductible Contribution To My HSA?” flowchart. It addresses some of the most common issues that arise for a client trying to contribute to an HSA. This flowchart considers:
The minimum deductible requirements for HDHP
The maximum out-of-pocket expense for HDHP
Contribution amounts
Impact if HDHP coverage starts or changes this year
Full Contribution Rule and Last-Month Rules
HSA and Medicare coordination
Robert J. Pyle, CFP®, CFA, AEP® founded Diversified Asset Management, Inc., in 1996 to provide personalized, comprehensive wealth management services to successful individuals, families, single women, and business owners. His specialty is addressing the complex financial needs of self-employed professionals, corporate executives, and small-business owners. Our disclosure can be found here. The views, opinion, information, and content provided here are solely those of the respective authors, and may not represent the views or opinions of Diversified Asset Management, Inc. Diversified Asset Management, Inc. cannot guarantee the accuracy or currency of any such third party information or content, and does not undertake to verify or update such information or content. Any such information or other content should not be construed as investment, legal, accounting, or tax advice.