How Much Can I Contribute Into My HSA for 2018?

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2018 maximum HSA contributions and limits

If you are considering contributing to a Health Savings Account (HSA) for the year 2018, it's important to know the maximum contribution limits set by the IRS. For 2018, the maximum HSA contribution amounts are as follows:

• Individual Coverage: $3,450
• Family Coverage: $6,900
• Individuals aged 55 and older can contribute an additional $1,000 as a catch-up contribution

If you're looking to maximize your savings for healthcare, understanding the contribution limits set by the IRS for your Health Savings Account (HSA) in 2018 is crucial. For this year, if you have individual coverage, you can contribute up to $3,450. If you have family coverage, this limit rises to $6,900. Additionally, if you're 55 or older, you have the opportunity to make an extra contribution of $1,000 as a catch-up contribution.

Tax-deductible contributions and qualified use

Contributions to an HSA are tax-deductible, meaning that the money you contribute to your HSA can lower your taxable income for the year. This can result in significant tax savings for you.

Rollover, employer contributions, and combined cap

Additionally, HSA funds can be used to pay for qualified medical expenses both now and in the future. The funds in your HSA roll over from year to year, unlike a Flexible Spending Account (FSA), which is a 'use it or lose it' account.

It's important to note that both you and your employer can contribute to your HSA, but the combined contributions cannot exceed the annual limits set by the IRS for that year.