How Much Can I Contribute to My HSA 2018?

If you have a Health Savings Account (HSA) in 2018, you may be wondering how much you can contribute to it. HSA contributions are a great way to save for medical expenses while enjoying tax benefits. Let's delve into the details.

For the year 2018, the contribution limits for HSAs are as follows:

• For individuals: $3,450
• For families: $6,900
• If you are 55 or older, you can also make catch-up contributions of up to $1,000 on top of the annual limit.

It's important to note that these limits are for the entire year, including contributions made by you, your employer, or anyone else on your behalf. If you have multiple HSAs, the total contributions to all accounts should not exceed the annual limit.

Contributions to your HSA can be made at any time during the year, and the deadline for contributions for the tax year 2018 is typically April 15, 2019. It's advisable to consult with a financial advisor or tax professional to ensure you are maximizing your HSA contributions within the limits set by the IRS.

Did you know that contributing to a Health Savings Account (HSA) not only helps you save for medical expenses but also offers tax advantages? For the 2018 tax year, the IRS established clear contribution limits. If you have self-only coverage, you can set aside up to $3,450 into your HSA. Those with family coverage have a higher limit of $6,900, allowing for greater savings potential.