How Much Can I Contribute to My HSA for 2018?

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2018 HSA contribution limits by coverage

Are you wondering how much you can contribute to your Health Savings Account (HSA) for the year 2018? This article will guide you through the contribution limits and rules for HSA.

For 2018, individuals with self-only coverage can contribute up to $3,450 to their HSA, while those with family coverage can contribute up to $6,900. If you are 55 or older, you can make an additional catch-up contribution of $1,000.

If you're curious about your HSA contribution limits for 2018, you've come to the right place! For that year, individuals with a self-only health plan could contribute as much as $3,450, while those with family coverage could set aside up to $6,900. And don't forget, if you’re 55 or older, you can add an extra $1,000 as a catch-up contribution!

Tax benefits and qualified expense use

Contributions to your HSA are tax-deductible, reduce your taxable income, and can be used to pay for qualified medical expenses tax-free. The funds in your HSA can also be invested, allowing them to grow over time.

IRS annual limit rules and tracking

It's important to note that your total contributions, including those made by your employer, must not exceed the annual limits set by the IRS. If you do exceed the limit, you may be subject to additional taxes.

Remember to keep track of your contributions and ensure you stay within the allowable limits to make the most of your HSA benefits for 2018!