How Much Can I Contribute for My HSA Account in 2018?

When it comes to saving for healthcare expenses, a Health Savings Account (HSA) can be a valuable tool. For the tax year 2018, the maximum contribution limits for an HSA account depend on whether you have individual or family coverage.

If you have self-only coverage, you can contribute up to $3,450 to your HSA account in 2018. On the other hand, if you have family coverage, the maximum contribution allowed is $6,900. These limits are set by the IRS and are subject to change annually.

Additionally, if you are 55 or older, you are eligible to make catch-up contributions of up to $1,000 per year. This means that individuals with self-only coverage and aged 55 or older can contribute up to $4,450, while those with family coverage and in the same age group can contribute up to $7,900.

When considering how to save for medical expenses, a Health Savings Account (HSA) is a robust option. In 2018, individuals with self-only coverage can contribute a maximum of $3,450, while those with family coverage can save up to $6,900. Remember, these limits are determined by the IRS and can change each year.