Did New Tax Laws Change HSA Contribution Limits for 2018?

With the introduction of new tax laws, many individuals are wondering if there have been any changes to HSA contribution limits for 2018. The good news is that for this tax year, the contribution limits for Health Savings Accounts (HSAs) have slightly increased.

Here are the key points to consider regarding HSA contribution limits for 2018:

• The contribution limit for individuals with self-only coverage has increased to $3,450.
• For those with family coverage, the limit has risen to $6,900.
• Individuals aged 55 and older are still eligible for an additional $1,000 catch-up contribution.

It is essential for individuals to be aware of these changes when planning their healthcare expenses and savings for the year.

As we dive into the financial year of 2018, many are curious about whether the new tax laws have impacted HSA contribution limits, and the verdict is—yes, they have slightly increased! For the current tax year, individuals can contribute up to $3,450 for self-only coverage. If you’re part of a family plan, the limit has risen to a generous $6,900. Additionally, if you’re 55 or older, you can make an extra catch-up contribution of $1,000.