How Much Can I Contribute to HSA for 2018?

If you are considering contributing to a Health Savings Account (HSA) in 2018, it's essential to understand the limits and regulations set by the IRS. The contribution limits for HSAs are updated annually, and for 2018, the maximum contribution amounts are as follows:

• Individual coverage: $3,450
• Family coverage: $6,900
• If you are 55 or older: An additional $1,000 catch-up contribution is allowed

These contributions are tax-deductible, meaning you can reduce your taxable income by contributing to your HSA. Additionally, the funds in your HSA can be invested and grow tax-free, providing a valuable savings tool for future healthcare expenses.

It's important to note that these contribution limits apply to your total contributions for the year, including both your own contributions and any contributions made by your employer. If you have more than one HSA account, the combined contributions to all accounts must not exceed the annual limits.

Are you planning to contribute to a Health Savings Account (HSA) this year? For 2018, the IRS has set specific contribution limits that are important to understand. The maximum contribution amounts are:

• For those with individual coverage: $3,450
• If you have family coverage, you can contribute up to $6,900
• Plus, if you're 55 or older, you can take advantage of a catch-up contribution of an extra $1,000!

This means you can effectively reduce your taxable income by contributing to your HSA because these contributions are tax-deductible. Moreover, you have the option to invest these funds, which can grow tax-free—this makes HSAs a fantastic way to save for future healthcare costs.