How Much Can I Add to My HSA for 2018?

Planning for your health expenses can be a daunting task, but with a Health Savings Account (HSA), you can save money specifically for medical costs. One common question that arises is, 'How much can I add to my HSA for 2018?'

For the year 2018, individuals with self-only coverage under a High Deductible Health Plan (HDHP) can contribute up to $3,450 to their HSA, while those with family coverage can contribute up to $6,900. If you are 55 or older, you are eligible for an additional catch-up contribution of $1,000.

It's important to take advantage of contributing to your HSA as it offers several benefits:

• Contributions are tax-deductible
• Withdrawals for qualified medical expenses are tax-free
• The funds in your HSA roll over each year, so you never lose them

By saving in your HSA, not only are you preparing for future medical costs, but you are also saving on taxes and securing your financial well-being.

When it comes to managing your health expenses, a Health Savings Account (HSA) can be a game-changer. In 2018, individuals with self-only coverage could contribute a maximum of $3,450 to their HSA, whereas families could save up to $6,900. Plus, if you are over 55, you can add an extra catch-up contribution of $1,000!