How much can I contribute to HSA in 2018?

If you're considering maxing out your HSA contributions for 2018, you might be wondering how much you can actually contribute. For the tax year 2018, the maximum HSA contribution limits are set by the IRS and depend on your type of coverage – whether self-only or family. Here's a breakdown to help you understand:

• For self-only coverage, the maximum contribution limit was $3,450 in 2018.
• For family coverage, the maximum contribution limit was $6,900 in 2018.
• If you were 55 or older, you could contribute an additional $1,000 as a catch-up contribution.

It's important to note that these contribution limits apply to the total amount contributed to all HSAs, including employer contributions and pre-tax payroll deductions. If you contribute more than the allowable limit, you may face tax penalties. Be sure to stay informed about the current IRS guidelines for HSA contributions to make the most of your tax-advantaged savings account.

Curious about how much you can stash away in your Health Savings Account (HSA) for 2018? Let’s break it down so you can take full advantage of this fantastic financial tool!

In 2018, the contribution limits for HSAs are set at:

• Individuals can contribute up to $3,450
• Families can contribute up to $6,900
• If you're aged 55 or older, don’t forget the additional catch-up contribution of $1,000!

These contribution limits apply for the entire 2018 calendar year, which means there’s ample time to reach these goals. Not only does contributing to your HSA provide tax advantages, but it also builds a reserve for your future healthcare expenses.