How Much Can I Put in My HSA in 2018?

When it comes to making the most of your health savings account (HSA), understanding the contribution limits is essential. In 2018, the maximum annual contribution limits for HSAs are set by the IRS.

For individuals:

• The maximum contribution for individuals with self-only coverage is $3,450.
• If you have family coverage, the maximum contribution is $6,900.

It's important to note that these limits are for the entire calendar year, even if you didn't have your HSA for the full year.

Additionally, if you are 55 years or older, you can contribute an extra $1,000 as a catch-up contribution.

Maximizing your Health Savings Account (HSA) contributions can significantly benefit your long-term financial health, especially in 2018 when the IRS set clear limits that you should be aware of.

As an individual with self-only coverage, the maximum amount you can contribute is $3,450, while families can save up to $6,900 each year.

Remember, these amounts are for the entire year and apply regardless of when you opened your HSA within that year.

Plus, if you're 55 or older, you have the opportunity to increase your contributions by an additional $1,000 as a catch-up provision.