How Much Can I Contribute to an HSA in 2018?

Are you wondering about the contribution limits for a Health Savings Account (HSA) in 2018? Planning your finances and understanding the benefits of an HSA can help you save money on medical expenses tax-free. So, let's delve into how much you can contribute to an HSA in 2018.

In 2018, for individuals, the maximum contribution limit for an HSA was $3,450. For families, the limit was $6,900. These limits include both your contributions and any employer contributions made on your behalf. If you were 55 or older, you could make an additional catch-up contribution of $1,000.

It's important to note that these contribution limits are set by the IRS and may change each year. Contributions to an HSA are tax-deductible, grow tax-free, and withdrawals for qualified medical expenses are also tax-free. This triple tax advantage makes HSAs a valuable tool for healthcare savings.

If you're taking the plunge into the world of Health Savings Accounts (HSAs), understanding the contribution limits set for 2018 is essential. Not only does an HSA offer a unique way to save for qualified medical expenses, but it does so with significant tax advantages that can benefit your financial health.