HSA Guide
How Much Can I Add to an HSA in 2018?
Published September 6, 2023
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When it comes to contributing to a Health Savings Account (HSA) in 2018, there are annual limits set by the IRS that determine how much you can add to your HSA per year. These limits may vary depending on whether you have an individual or family coverage under a High Deductible Health Plan (HDHP).
For 2018, the maximum contributions allowed for an HSA are:
- $3,450 for individuals with self-only coverage
- $6,900 for individuals with family coverage
- There is also a catch-up contribution for individuals aged 55 and older which allows an additional $1,000 per year.
2018 limits restated and age 55+
It's important to keep in mind that these limits are subject to change each year, so it's crucial to stay informed about any updates or adjustments made by the IRS.
Contributing to an HSA allows you to save money specifically for medical expenses while benefiting from tax advantages. By setting aside funds in your HSA, you can cover eligible healthcare costs now or in the future without worrying about paying taxes on the withdrawals.
Understanding how much you can contribute to a Health Savings Account (HSA) in 2018 is essential for maximizing your savings for medical expenses. The IRS has set specific limits based on your health coverage type.
In 2018, the contribution limits for HSAs are
- $3,450 for individuals who have self-only coverage, and
- $6,900 for those with family coverage.
If you're 55 or older, you're in luck! You can contribute an additional catch-up amount of $1,000 each year to aid your savings.
Limits may change yearly; tax advantages
Remember, these limits can change annually, so it's a good idea to check for updates each year to make the most of your contributions.
Putting money into your HSA means you can save specifically for healthcare expenses without the burden of taxes on your withdrawals, making it a smart financial choice.