How Much Can a Family Contribute in 2018 to an HSA?

When it comes to contributing to a Health Savings Account (HSA) as a family in 2018, there are specific limits that you need to be aware of.

The maximum annual contribution for a family HSA in 2018 is $6,900. This amount is set by the IRS and is adjusted yearly. It's important to note that individuals who are 55 or older can make an additional catch-up contribution of $1,000 per year.

Contributions to an HSA are tax-deductible, meaning you can reduce your taxable income by the amount you contribute to the account. The funds in an HSA can be used to pay for qualified medical expenses, such as doctor visits, prescription medications, and even some over-the-counter items.

In 2018, if you're looking to contribute to a Health Savings Account (HSA) on behalf of your family, you can contribute a maximum of $6,900. Additionally, if you or your spouse are over 55, you can take advantage of a catch-up contribution of $1,000 to help boost your savings for healthcare expenses.