How Much Can You Add to HSA for 2018?

If you have a Health Savings Account (HSA) and are wondering how much you can contribute for 2018, here is what you need to know. For 2018, the maximum annual contribution limit for individuals with self-only coverage is $3,450, and for those with family coverage, it is $6,900.

It's essential to understand that these limits include both your contributions and any contributions made by your employer. If you are 55 or older, you can also make an additional 'catch-up' contribution of $1,000 per year.

Contributions to your HSA are tax-deductible, meaning you can lower your taxable income by contributing to your HSA. Additionally, the funds in your HSA can be used to pay for qualified medical expenses tax-free.

Remember that the contribution limits can change annually, so it's crucial to stay up-to-date with the current limits and adjust your contributions accordingly.

If you're planning to contribute to your Health Savings Account (HSA) for 2018, it's important to know the contribution limits: $3,450 for self-only coverage and $6,900 for family coverage. Don’t forget, those aged 55 and over can add an extra $1,000 as a catch-up contribution!