How Much Can an Individual Put in an HSA in 2018?

When it comes to contributing to a Health Savings Account (HSA) in 2018, individuals have limits set by the IRS. Knowing how much you can contribute can help you maximize the benefits of an HSA. For the year 2018, an individual can contribute up to $3,450 for self-only coverage and up to $6,900 for family coverage into their HSA.

These contributions are tax-deductible, meaning that you can reduce your taxable income by the amount contributed to your HSA. This can result in significant tax savings, making HSAs a popular choice for individuals looking to save on healthcare expenses.

It's important to note that individuals aged 55 and older are eligible to make an additional 'catch-up' contribution of up to $1,000 per year. This can help older individuals boost their HSA savings as they approach retirement.

If you're wondering about the Health Savings Account (HSA) contribution limits for 2018, it's important to note that the IRS has specific guidelines. In 2018, individuals with self-only coverage can contribute up to $3,450 to their HSA, while those with family coverage can contribute up to $6,900. The potential for tax-free growth on these savings makes HSAs an attractive option for managing healthcare costs.