Author Topic: Am I still eligible for an HSA contribution?  (Read 1497 times)

NorcalBlue

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Am I still eligible for an HSA contribution?
« on: April 05, 2016, 09:15:16 AM »
Lost my job last year in September and had an HSA up until that time that I hadn't made contribution to.  Can I still make a contribution for 2015 even though I was only had an HSA for 9 months?  If so, should I make a contribution for the deduction (I've FIRE'd at this point and 43 years old)?

Thanks

MDM

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Re: Am I still eligible for an HSA contribution?
« Reply #1 on: April 05, 2016, 10:55:04 AM »
See https://www.irs.gov/pub/irs-pdf/p969.pdf for more, but to your first question:
"You  can  make  contributions  to  your  HSA  for  2015  until
April 18, 2016. If you fail to be an eligible individual during
2015, you can still make contributions, up until April 18,
2016, for the months you were an eligible individual."

Need more information to know whether you "should" do so, but an HSA is usually a good idea.

Also note the difference between HSA (an account you may keep as long as you wish) vs. HDHP (the type of medical insurance that makes you elibgible to put money into an HSA).

NorcalBlue

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Re: Am I still eligible for an HSA contribution?
« Reply #2 on: April 15, 2016, 07:52:39 AM »
Thanks.  Still not sure if I should do this or not.  Hate to lock up those funds until I'm 65.

Jack

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Re: Am I still eligible for an HSA contribution?
« Reply #3 on: April 15, 2016, 08:19:58 AM »
Thanks.  Still not sure if I should do this or not.  Hate to lock up those funds until I'm 65.

You don't. You lock them up until 65 or until you have medical expenses to be reimbursed for, whichever comes first.