How Much Can I Contribute to My HSA in 2018 - Employer Contribution?

Many people are curious about how much they can contribute to their Health Savings Account (HSA) in 2018, especially when it comes to employer contributions. HSAs are a valuable tool for saving money on medical expenses while also enjoying certain tax benefits. If you're wondering about your HSA contributions for 2018, here's what you need to know.

For 2018, the maximum contribution limits for HSAs are:

• $3,450 for individuals
• $6,900 for families

These limits apply to both your personal contributions and any contributions made by your employer. If you are aged 55 or older, you can also make catch-up contributions of up to $1,000 per year on top of the regular limits.

When it comes to employer contributions, it's essential to understand that your employer's contributions count towards the annual limit. This means that the total of your contributions, including both yours and your employer's, cannot exceed the maximum limits outlined above. If they do, you may be subject to excess contribution penalties.

Employers can choose to contribute to their employees' HSAs as part of their benefits package. However, it's vital to communicate with your employer to ensure that your total contributions do not surpass the annual limits set by the IRS.

Remember that HSA contributions are tax-deductible, so maximizing your contributions can help you save money on taxes while building a fund for future medical expenses.

Did you know that the maximum contribution limits for Health Savings Accounts (HSAs) in 2018 are $3,450 for individuals and $6,900 for families? This includes any contributions made by your employer, so it's critical to keep track of the total contributions.