How Much Can a Married Person Contribute to an HSA in 2018?

When it comes to contributing to a Health Savings Account (HSA) as a married person in 2018, there are specific limits and guidelines to consider. An HSA is a tax-advantaged account that allows individuals and families to save money for medical expenses. Understanding how much you can contribute to an HSA is essential for maximizing the benefits of this financial tool.

In 2018, married individuals have different contribution limits depending on whether they have self-only coverage or family coverage:

• For those with self-only coverage, the maximum contribution is $3,450.
• If you have family coverage, the maximum contribution increases to $6,900.

It's important to note that these limits apply to both you and your spouse if you're both covered under an HSA-qualified high deductible health plan. Additionally, individuals aged 55 and older can make an additional catch-up contribution of $1,000 per year.

Contributions to an HSA are tax-deductible, reduce your taxable income, and can be used to pay for qualified medical expenses both now and in the future. Any unused funds in the HSA roll over from year to year, making it a valuable long-term savings tool for healthcare costs.

Understanding the contribution limits for a Health Savings Account (HSA) as a married individual in 2018 is crucial if you want to optimize your savings for medical expenses. HSA benefits include tax deductions and the ability to roll over unused funds year after year. For married couples, the contribution limits reflect the type of health coverage you have.