How Much Can I Put Into My HSA for 2018?

When it comes to your Health Savings Account (HSA), it's important to know the contribution limits for each year. For 2018, the maximum amount an individual can contribute to their HSA is $3,450, while for families, the limit is $6,900.

It's crucial to understand these limits as contributions over the allowed amount can result in tax penalties. However, it's worth noting that there is a catch-up contribution of an additional $1,000 for individuals aged 55 and older.

Contributions to an HSA can be made by you, your employer, or both. And the contributions can be deducted from your income, providing you with tax benefits.

Understanding the contribution limits of your Health Savings Account (HSA) is crucial for your financial health. In 2018, you can contribute up to $3,450 if you are an individual, or $6,900 if you're contributing for your family. Remember, if you are 55 or older, you can make an additional catch-up contribution of $1,000.