Are HSA's Still Deductible in 2018? All You Need to Know

Health Savings Accounts (HSAs) are a valuable tool for managing healthcare expenses and saving for the future. In 2018, HSAs continue to offer tax advantages to individuals who are eligible to contribute to them. So, to answer the question, yes, HSAs are still deductible in 2018.

Here are some key points to know about HSAs and their deductibility in 2018:

• HSAs offer triple tax benefits: tax-deductible contributions, tax-deferred growth, and tax-free withdrawals for qualified medical expenses.
• To be eligible to contribute to an HSA, you must be enrolled in a high-deductible health plan (HDHP) and not be covered by any other health plan that is not an HDHP.
• The contribution limits for HSAs in 2018 are $3,450 for individuals and $6,900 for families.
• Individuals over the age of 55 can make an additional catch-up contribution of $1,000.
• Contributions to an HSA are tax-deductible, meaning they reduce your taxable income for the year in which you make the contributions.

It's important to maximize the tax benefits of your HSA by taking full advantage of the deductibility of contributions. Consult with a tax professional or financial advisor to ensure you are making the most of your HSA in 2018.

Yes, indeed! Health Savings Accounts (HSAs) remain a smart and deductible savings option in 2018, providing tax-efficient ways to save for healthcare expenses both now and in the future.