How Much Are You Allowed to Contribute to an HSA in 2018?

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2018 HSA contribution limits by coverage

Health Savings Accounts (HSAs) are a valuable tool for individuals to save money for qualified medical expenses while enjoying tax advantages. If you're considering opening an HSA or already have one, you may wonder how much you can contribute in 2018.

For the year 2018, the maximum annual contribution limits for HSAs are set by the IRS. Individuals with self-only coverage can contribute up to $3,450, while those with family coverage can contribute up to $6,900.

Catch-up contributions for age 55+

Additionally, individuals aged 55 or older can make catch-up contributions of up to $1,000 on top of the annual limits. These catch-up contributions can help older individuals save more for their healthcare needs as they approach retirement.

Reiterated IRS limits for 2018

Health Savings Accounts (HSAs) are an effective way for individuals to set aside funds specifically for qualified medical expenses while reaping significant tax benefits. If you're exploring the possibility of opening an HSA or if you already have one established, it's important to understand how much you can contribute in the year 2018.

The IRS has set clear contribution limits for HSAs in 2018. For individuals with self-only health coverage, the maximum contribution is $3,450. For those with family coverage, the limit increases to $6,900, allowing families to save more for healthcare costs.

Moreover, individuals aged 55 and older have the opportunity to make catch-up contributions. This allows those nearing retirement to contribute an additional $1,000 on top of their annual limits, providing a vital means to bolster healthcare savings as they age.