How Much Can Be Contributed to an HSA Plan for Tax Year 2018?

Health Savings Account (HSA) Contribution Limits for 2018

Contributing to your Health Savings Account (HSA) is a smart way to save for healthcare expenses while enjoying tax benefits. For the tax year 2018, the contribution limits for HSA plans are as follows:

• Individual Coverage: $3,450
• Family Coverage: $6,900

It's important to note that these limits include both employer and employee contributions combined. If you are 55 or older by the end of the year, you are also eligible for an additional catch-up contribution of $1,000.

Contributions to your HSA are tax-deductible, grow tax-free, and can be withdrawn tax-free for qualified medical expenses. Unused funds roll over from year to year, making an HSA a valuable long-term savings tool.

Understanding the HSA Contribution Limits for 2018

If you're looking to save money on healthcare costs and reduce your tax burden, contributing to a Health Savings Account (HSA) is a great option. For the tax year 2018, the maximum contributions allowed are $3,450 for individuals and $6,900 for families. Remember, this total includes contributions from both you and your employer.