Can I still make my maximum annual HSA contribution if I started my High Deductible Health Plan during the year?
If you are covered on December 1, you are treated as an eligible individual for the entire year. However if you cease to be an eligible individual during the following year, the excess over the pro rated contribution is included in income and subject to a 10 percent additional tax. The amount you can contribute is not determined by the date you establish your account. However, medical expenses incurred before the date your HSA is established cannot be reimbursed from the account.
Related Questions
- Can an individual who is not covered by a high deductible health plan HDHP for the whole year contribute the maximum annual limit established by the IRS?
- Can I still make my maximum annual HSA contribution if I started my High Deductible Health Plan during the year?
- Do I have to be enrolled in a High Deductible Health Plan (HDHP) to contribute into an HSA (Health Savings Account)?
